PHOENIX-A Phoenix investor has sold the 15,360-sf Towne Center, collecting the full ask of $2.8 million from a Los Angeles buyer.
Located at 5130 N. 19th Ave., the center was 100% occupied at the time of closing. The roster of local, national and regional tenants includes Nationwide Vision, H&R Block and a drive-through liquor store.
According to Michael Hackett, a senior associate with Marcus & Millichap Real Estate Investment Brokerage Co.'s Phoenix office, the seller, BTT LLC, had purchased the property about a year and a half ago. "He invested in it, built it up, took the profits on it and wants to move into a larger center," says Hackett, who not only sold the property but is searching for a replacement.
The 20-year-old center was on the market about two months. Five offers were on the table, according to Hackett. The buyer, Antonio Vallejo, won the deal, mainly because he was a known factor. "I had a previous relationship with the buyer's broker [Michael Woodbright from Marcus & Millichap's Newport Beach, CA office] and he had the most aggressive offer," Hackett says.
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