The asset, located at 10806 N. 32nd St., was on the market for $3.5 million. It is situated on a ground lease. The AMF Bowling Alley wasn't part of the sale, but its ground was included. "This was a listed transaction that had been in and out of escrow for about the past year, then we finally sold this," says Nicholas L. Miner, a senior associate with Eagle Commercial Property in Phoenix. He and Eagle's Sean Bishop represented the local seller, Fairlanes Center LLC and the buyer, AMF Fairlanes Center LLC. The center, built in 1978, is a mix of national and local tenants.
Miner tells GlobeSt.com that the buyer had purchased the property as part of a 1031 exchange, and is not, at this time, seeking any more property. Though the seller is actively seeking more investments in the area, he will not be funding future purchases from the exchange pool. "He decided to pay the taxes on it and to take the time to find the right property," Miner says.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
