"It took the right kind of buyer to get in there," Michelle Watson, with Marcus & Millichap tells GlobeSt.com of the 3750 W. McDowell Rd. retail complex. "It took a hands-on buyer to recognize the opportunity because the average buyer wouldn't." Watson found that buyer in Ali Ali Sayyed.
Sayyed, with IEA Investment Properties of Peoria, AZ realizes the upside of the property, Watson said. He plans to upgrade the retail center to make it more profitable for tenants.The complex, a strip mall located near 35th Avenue and McDowell Road, is fully leased with tenants that include H&R Block, a chiropractic clinic, 99 Cents store and beauty salon.
Seller John L. Kingery of Phoenix placed the shopping center on the market about four months ago at $75 per sf, but cut $10 per sf off that sale price during talks with Sayyed, Watson said. "It was a good deal for both parties," she said of the transaction. She represented the seller in the deal. The buyer was represented by West USA Realty.
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