Phoenix-based BMC Associates, formed by investor Steven Kanner, is the buyer of the 87,462-sf, fully occupied buildings at the northwest corner of 40th Street and Broadway. The investment group consists of two Phoenix doctors who sold a Chicago parking garage and rolled the proceeds into the acquisition, Dave Alcorn, Insignia/ESG managing director for the Capital Advisors Group, tells GlobeSt.com.
The two-building Broadway Tech Center was getting ready to go to market when Alcorn took it to the buyer. The deal took 60 days to close, including a final sign-off on a financing package. The holding, situated on 5.4 acres, consists of a 54,460-sf building at 3908 E. Broadway Rd. and a 33,002-sf structure at 3906 E. Broadway Rd. Precision Academy Systems is the lead tenant.
Alcorn, Ann Gillspie and Bruce Gillspie, also managing directors, handled talks for the buyer. Rob Stephens, Chris Toci and Pat Harlan, all of Cushman & Wakefield of Arizona Inc. represented the First Industrial entity.
Alcorn says he and the Gillspies formed the specialized 1031 team after their research showed the asset exchanges generated some $9 billion in transactions in 2001. Another $3 billion to $4 billion in deals fell out that year because of non-delivery of properties, according to Alcorn. "We thought that there was a void we could fill," he says.
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