Jamie Medress with Marcus & Millichap's Phoenix office tells GlobeSt.com that buyers Gary and Janet Hedge of Tujunga, CA, topped four other prospective bidders with their offer to Zila Inc. to win title to the 5227 N. 7th St. property in Phoenix. "To set themselves apart from everyone else they offered over list price," says Medress, noting the new owners considered the 16,374-sf, two-story, single-tenant office building "a rare find."
"The tenant and the location sold them on the property," Medress says of the 1031 Exchange buyers. "It's rare to find an investment like this with a public company in that type of location." Zila will keep its administrative offices in the building under a five-year lease, the terms of which were not disclosed.
Medress and Steve Gonzales, also with Marcus & Millichap, along with Beth Jo Zeitzer of ROI Properties in Phoenix represented the seller in the deal. The transaction was handled for the buyer by Max Sharkansky and Edwin Voskanian, a Marcus & Millichap team from Encino, CA.
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