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TEMPE, AZ-George and Karen Rathman Family Trust of Sonoma, CA has acquired the 21,756-sf Santa Fe Palms. Following 18 months of ownership, a Los Angeles-based property owner sold it for its list price of just over $6 million.

Located at 1712 E. Guadalupe Rd., the property, built in 2000, was marketed, sold and closed within 30 days. "It was on the market for about three weeks, and we received eight offers," says Jamie Medress, senior investment associate with Marcus & Millichap's Phoenix office. Medress and colleague Steve Gonzalez represented the seller, Eric Silverman of SOL Hoff Co. Trevor Thorpe of CB Richard Ellis Co.'s San Francisco office represented the buyer.

Medress tells GlobeSt.com that the buyer got the nod for purchase because of a quick due diligence, and an all-cash transaction. "We didn't have to deal with financing, which is what pushed it."

The property was 92% occupied at closing, with tenants including Rubio's Baha Grill, Quiznos, a travel agency, a flower shop and a nail salon. "There's one available suite, 1,505 sf, remaining," Medress notes, adding that no renovations to the property will be made.

The seller, Medress says, had purchased the property a year and a half ago and repositioned it, leasing off most of the vacancies and increasing the lease rates. "He decided it was time to take advantage of the market."

Instant Insights /

Santa Fe Palms Sells for $6M

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