Andre and Angela Prahcharov acquired a 19,529-sf complex at 3221-3223 N. 24th St. "They sold an apartment building in New York and need to do a 1031 Exchange," says Kevin Kopp, a broker with Lee & Associates Arizona. Kopp and Lee & Associates' Jan Fincham and Patrick Dempsey represented the seller, Hook Properties LLC.
"They were looking for a value-added opportunity, and (this asset) fit their requirements perfectly," Kopp says. The Prahcharovs were represented by Scott German of NAI Horizon.
Kopp tells GlobeSt.com that Hook Properties is associated with Hook Engineering, which is the primary tenant in the class B office complex with 6,000 sf. Hook plans to relocate its offices to be closer to its clients and another tenant, Keith Cos., also will vacate about 5,000 sf for a build-to-suit facility. The complex will be 15% leased once they move out.
The Prahcharovs plan to make some cosmetic improvements to the complex, built in 1985, and then stabilize it. NAI Horizon will handle leasing and management. The quoted rent will range from $13 per sf to $15 per sf. The Prahcharovs obtained a new mortgage for the property from Well Fargo.
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