Settimo LLC sold a retail property it owned for five years to exchange into the 8348 W Deer Valley Rd. building, which is rented to Tutor Time Preschool under a triple-net lease, Jamie Medress with Marcus & Millichap's Phoenix office tells GlobeSt.com. "He was looking for a nice, easy, coupon clipper investment," Medress says of the buyer, who beat out three other bidders to take ownership of the Peoria property, which was built in 2002 at Deer Valley Road's junction with 83rd Avenue.
Medress said the new owner paid just $20,000 less than the asking price set by seller, the Focus Group of Phoenix, for the building located adjacent to a Walgreen drug store and a Top Shelf Restaurant. Medress and Steve Gonzales, also with Marcus & Millichap in Phoenix, handled the transaction for both parties.
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