PHOENIX—8388 Hartford LLC, managed by HomeSmartfounder Matt Widdows, purchased a66,800-square-foot office building in the Perimeter CenterScottsdale located at 8388 E. Hartford Dr.

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Widdows paid $7 million to acquire the site. The sellerwas Buchanan Street Partners. BuchananStreet purchased this asset in 2012 at nearly 100% vacancy for $4.4million and has carried the asset for nearly two years with limitedoccupancy.

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The transaction was negotiated through City to CityCommercial by Kent Baker whorepresented the buyer. Cassidy Turley'sEric Wichterman was the listing agent on theproperty for Buchanan Street.

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“The submarket is all class A office and flex type uses. It'sjust north of Scottsdale Airpark,” Baker tellsGlobeSt.com. “It was 100% vacant at close ofescrow. HomeSmart will be moving its headquarters there andutilizing about 25,000 square feet. They intend to lease out thebalance.”

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Baker says the buyer took an $8.4 million loan from Johnson Bankto pay off another property, pay for the Hartford asset and to makesome improvements to the new property.

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“All in all, though, the building was in really good shape.”

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