BTT LLC paid just $100,000 less than the original asking price for the Towne Center in Phoenix, outdoing at least 12 other bidders who fought for the deed. "There's strong demand for these little deals and they're hard to find," Sanford Burstyn with Marcus & Millichap's Phoenix office tells GlobeSt.com of the strong interest in the 5130 N. 19th Ave. retail complex. "It was a little $1.9-million deal with $600,000 down--there's a pretty big pool of investors with that much money."
Burstyn says intense interest from California buyers fueled the bidding frenzy. "There's a lot of velocity in the small strip center market so you see a lot of people looking for exchange properties and there's not much available in Southern California," he says, noting the higher prices across the state line.
The strip center, which was about 93% occupied at sale time, has a tenant roster that includes Tokyo Express, Nationwide Vision, H&R Block, the Money Transfer and Christown Liquor. The deal was orchestrated by Burstyn for seller Larry Adams of Rancho Santa Fe, CA and Michael Hackett of Marcus & Millichap's Phoenix office on the buy side.
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