Edith May Gales Trust of Joshua Tree outbid several other interested investors who surfaced within 45 days of the Security Title Business Plaza coming to market. A Phoenix investment group, Mountain Sky Holdings LLC, was the seller.
"The buyer was long time owner of apartments and this was her first office buy and first investment in Arizona," Steve Gonzalez with Marcus & Millichap's Phoenix office tells GlobeSt.com. He says the buyer was drawn to the two-story, multi tenant property at 4001 N. Mountain Sky Parkway because of its Ahwatukee location near 40th Street and Chandler Boulevard and the strength of the building's three tenants, Keller Williams Realty, Security Title and Sterling Mortgage.
"She liked the strong demographics in the area and the ease of management with only three tenants," Gonzalez says of the 1031 Exchange buyer. Both Gonzalez and Jamie Medress, also with Marcus & Millichap's Phoenix office, represented the seller in the transaction while Kevin Hurley, with Marcus & Millichap in Los Angeles, represented the buyer.
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