PHOENIX-A local antiques dealer with several retail locations throughout the Valley has paid $550,000 for a 4,000-sf building.
Local resident Richard Mehagian, whose father developed the building to house the family's appliance store, sold the 1960s-era building to JSL Holdings LLC, which will open another Chez Antiques location within 30 days at 5102 N. Central Ave., says Brent Mallonee, a senior associate with Grubb & Ellis|BRE Commercial LLC. He represented the seller, while the buyer, who usually leases space, was represented by Allan Thorson with Dan Schwartz Realty of Phoenix.
"The building is in turnkey condition with new carpet and paint," Mallonee says. JSL Holdings paid cash for the empty building, according to Mallonee.
Mallonee tells GlobeSt.com that there was a lot of interest in the building because of its location near Camelback Road. He says he received as many as 15 calls per day on the building even after it was in escrow with JSL Holdings.
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