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MESA, AZ-A private investor from California has beat out eight offers to acquire his first property in the area, 4,100 sf of shadow space to a Walgreens drug store. The buyer meets the full ask of nearly $1.3 million for the fully leased, eight-year-old building.

The just-sold holding at 4437 E. Southern Ave. is a mix of national and local tenants. Walgreens was not part of the deal.

According to Michael Hackett with Marcus & Millichap Real Estate Investment Brokerage Co.'s Phoenix office, the local seller, Kalispell Creek LLC, disposed of the asset for retirement planning purposes. "She'd purchased this essentially vacant property about a year and a half ago, put tenants in there, added the value, then decided to move on," says Hackett, who represented the seller and the buyer, Gary Porfido of Aptos, CA in the transaction.

Hackett tells GlobeSt.com that the listing attracted nine offers in a 30-day run on the market. "The buyer had the most attractive deal in terms of money down and quickness of close," he adds.

The good news for the buyer is that the property doesn't require much in the way of upgrades. "It's stabilized," Hackett adds. "There's really no need for any further improvements at this point."

Instant Insights /

California Investor Meets Full Ask for Shadow Space

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