"It was a good deal for everybody," Bob Buckley, a vice president in Phoenix for Dallas-based Trammell Crow Co., tells GlobeSt.com of the deal for 2932 W. Deer Valley Rd., which has been sold by its Canadian builder, Atlas Development Co. of Calgary.
At least five investors set their sights set on owning the building, including several who "hit the target price" established by the seller, Buckley said. The buyer of record, 2932 DVR LLC, finally won out over the other investors, however, because they were able to quickly close the transaction.
For their money, about $160,000 below the original $4.75-million asking price, the buyer got a 20-year lease and a newly constructed building near 31st Avenue and Deer Valley Road on the campus of Universal Technical Institute. The school, which will use the space for classrooms for a Motorcycle Maintenance Institute, will pay the new owner $408,666 in rent over the lease term, Buckley said, noting that it represents an expansion for the UTI campus while providing "a very stable investment" for a buyer in a 1031 Exchange.
Buckley, along with Trammell Crow vice presidents Steve Lindley and Tracy Cartledge, and associate Greg Mayer facilitated the transaction on behalf of the seller. Trammell Crow senior vice presidents Mindy Korth and Barry Gabel represented the buyer in the transaction.
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