Mill Towne Center was on the market for about three months before it fell under contract, Stan Shafer of the Grubb & Ellis Phoenix team that marketed the site tells GlobeSt.com. The 82%-occupied development in the west central submarket is a blend of multi-tenant office and retail positioned on about 8.3 acres.
Built in 1986, Mill Towne Center's fetching price is a result of the strong demographics of its high-traffic location along Baseline Road, Shafer says. It's nestled amid a mix of residential and office, with a small amount of light-industrial users in the immediate vicinity.
Seller Holualoa Management Corp. of Phoenix bought Mill Towne Center in 1996. In recent years, Holualoa has sold several of its properties in the metro area. Shafer says Mill Towne Center is the last on the firm's current "to go" list.
A Grubb & Ellis investment advisory team of Shafer, Eric Wichterman and Greg Valladao as well as the office advisory duo of Jeff Hartland and Laurel Lewis represented buyer and seller in the transaction.
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