"There were several competing offers," Gonzalez tells GlobeSt.com of the building that eventually went to 1031 Exchange buyer Leisure Industries of Phoenix for $5.5 million.Gonzales chalks up the intense interest in the property to two things--its location in an area of explosive growth and the building's 87% occupancy rate.
"There was significant interest due to its proximity to a major hospital," Gonzalez adds. "Interest was also high due to the explosive growth in the northeast quadrant of the metro Phoenix area." That was a good enough reason for Leisure Industries. The company topped all other competing bids with its $5.5 million tender to take title from the Reno-based seller Santiago Villa of Nevada. Gonzales and Medress represented the seller in the transaction. The buyer was self-represented.
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