KKS of Fountain Hills, AZ, paid the full asking price of slightly more than $1.2 million to Jon and Lynda Blivin of Mesa for the 100%-occupied office complex at 1717 E. Morten Ave. "That's not so unusual anymore," Steve Gonzalez, with Marcus & Millichap, tells GlobeSt.com of the full-price sale.
With investors moving their money out of the stock market to take advantage of low real estate interest rates, brokers like Gonzalez are seeing multiple offers on solid, well-occupied properties. Arroyo Square, in fact, had several buyers waiting in the wings if the deal fell through. But with financing backed by Boston Mutual Life Insurance Co., the buyer, who historically has invested in apartment buildings, got a 12,077-sf office complex across from the Point at Squaw Peak to add to its investment portfolio.
Gonzalez, along with Jamie Medress, also with Marcus & Millichap, brokered the deal on behalf of the Blivins. Braxton Glass of EBS and Associates of Phoenix represented the buyer in the transaction.
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