The purchase of the 38,733-sf, two-story building at 4131 N. 24th St. in the city marks the first foray into the commercial arena for buyer Frank Balos of Phoenix, Trammell Crow Co.'s vice president Bob Buckley tells GlobeSt.com. "Being multi-tenant, it has a similar feeling as a multifamily," he says of Balos' decision behind the property switch.
Balos moved into the ownership role with an offer just $50,000 below the price asked by seller, Randy Stolworthy of Phoenix, a private investor who was looking to diversify his portfolio, according to Buckley. That bid, which beat out several other offers for the building, also bought Balos two neighboring residential units valued at close to $200,000."The property was a good fit for what they were trying to do," says Steve Lindley, a TCC vice president, who along with Bailey and Tracy Cartledge, another TCC vice president, handled the transaction for the seller. The buyer was self-represented in the deal.
Buckley says the complex, located along 24th Street just one mile south of Camelback Road, was fully leased at the time of sale to John C. Lincoln Hospital, Bridge Financial, Fast Q Communications along with several smaller businesses, all of whom have leases of two years or longer. Bailey says Balos plans to manage the property himself.
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