The practically full center, located at 1659 E. Florence Blvd., secured five offers during a month-long stint on the market, says Sanford Burstyn, senior investment associate and director of the national retail group with Marcus & Millichap Real Estate Investment Brokerage Co.'s Phoenix office. The winner was Simonson Land & Cattle Co. LLC of Scottsdale.
"They were local, which meant that they'd gotten into the car, driven to it and actually had seen it. Plus, they had verified funds and were aggressive with their timelines," says Burstyn, who represented buyer and seller, Marc Hagle, of Orlando, FL, in the transaction.
Burstyn tells GlobeSt.com that the buyer put the center under contract when it was still under construction. "The buyer knows the area and knows the market is exploding," he adds. "The property is across the street from a two-year-old Wal-Mart SuperCenter and is the only retail multi-tenant property at the intersection." Its tenants are H&R Block, Century 21, Rent a Center, T-Mobile and State Farm Insurance Co.
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