"The challenge was in the lease. We had a lot of people interested in the property, but most of them dropped out because of the length of the lease," Isy Sonabend with NAI Horizon's Phoenix office tells GlobeSt.com of the 2160 S. Power Rd. office building in Mesa. But that didn't deter 1031 Exchange buyers Steve and Michelle Wallach, who paid just $50,000 the price sought by seller UOP Billorado LLC of Phoenix.
Sonabend says the University of Phoenix, which uses the Superstition Springs and Power Road property for office space and classrooms, has three years remaining on an eight-year term plus hold an option to renew for another five years. Although the school hasn't made its intentions known, Sonabend says even if the university doesn't renew its lease, the office building is situated in the booming southeast Valley where office space is in demand. The transaction was arranged for the seller by Sonabend. The buyer was represented by Vickie Knight of Diamond Realty Inc. in Phoenix.
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