Lafayette, CA-based Bedford Property Investors Inc. beat out six other bidders jockeying for the two-building property at 1250 and 1290 E. Clearview Ave. from seller Victoria Properties of Tempe in a deal that culminated just 60 days after the center was placed on the market. The seven-year-old development consists of one flex industrial building and a retail structure.
Trammell Crow Co. vice president Bob Buckley tells GlobeSt.com that Bedford Properties won ownership with an offer just $100,000 below the seller's $6.9-million asking price, primarily because of the REIT's proven ability to close the deal. "A lot of it came down to credibility and their position in the market right now," he says of the buyer, which numbers among its Phoenix holdings the Rio Salado Corporate Center in Tempe and the Cotton Center I and II, Phoenix Airport Center, Westech Business Center and the Executive Center at Southbank, all in Phoenix.
Interest in the two-building complex was strong, Buckley says, due to its strong tenant base, long-term leases and a location next to a power center and close to both the Superstition Mall and Interstate 60. The tenant roster includes Apache Honda, a major retailer of recreational vehicles which has eight years remaining on its lease, along with several smaller businesses, including Migrant Glass, all of which have leases stretching from two to five years. Buckley along with Trammell Crow vice presidents Tracy Cartledge and Steve Lindley and associate Greg Mayer represented both parties in the transaction.
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