Jackie Day is editorial director of
Real Estate Media's Newsletter Division

TEMPE, AZ-A new 24,452-sf multi-tenant retail complex has fired up a frenzy of bidding among several potential buyers, eventually selling for $8.9 million to a Eureka, CA-based investor. The property is so new that its signs weren't even completely up at the time of the sale although it is already 95% leased to a mix of local and national tenants, according to a Marcus & Millichap broker.

The Crossroads of Tempe was sold by locally based developer, Glimcher SW Ventures, and went on and off the market in less than one week, Jamie Medress tells GlobeSt.com. He and Steve Gonzalez, also with Marcus & Millichap in Phoenix, represented the buyer, North Coast Investors. Ohio-based Marcus & Millichap broker Tony Sekulovski represented the seller.

"These guys just moved fast," Medress says of buyers who closed on the property after a 75-day escrow. The attraction is a new development positioned on a busy corner at 315 and 325 West Elliot Rd. and a 95% occupancy to a mix that includes Bank One and a UPS Store. Only a 1,100-sf space remains vacant. "There was good credit in the building already with new leases and they liked that," he says.

North Coast, which was conducting a 1031 Exchange with the purchase, plans to hold the property for the long term, says Medress. The property is fully built out with no expansion possibilities. North Coast already owns several other Phoenix-area properties as well as others in neighboring states.

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