More than 20 prospective bidders vied for the Baseline Road and Central Avenue property, but it was 1031 Exchange buyer Alan Berg's all-cash offer, just $100,000 below the $4.5-million asking price, that won ownership of the six-tenant shopping plaza, Sanford Burstyn, with Marcus & Millichap's Phoenix office, tells GlobeSt.com. He says the property, with tenants like Big Lots, H&R Blcok, Hastings & Hastings law firm and Papa John's Pizza, drew intense investor interest because of its price tag and solid, long-term leases that don't begin to expire until 2007.
"It's hard to find a $4.5-million deal with so few tenants. Usually, there are more tenants, which are management intensive," Burstyn says. "When they can buy something like this at a little higher cap and have a little more management duties than a single-tenant building, that's the best of both worlds."
Burstyn represented seller Lawrence & Geyser Development of Tempe in the transaction. The buy side was handled by Joel Weiner and Irving Ruben, both with Beitler Commercial of Sherman Oaks, CA.
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