Paul Boyle with Grubb & Ellis/BRE Commercial LLC in Phoenix, tells GlobeSt.com that buyer, J2 Flower LLC, paid $200,000 less than the $2.7-million ask to get the deed to 3310 W. Flower St. and 3161 N. 33rd Ave. on the Valley's west side. "The property received quite a bit of interest," says Boyle, who along with Rick Danis, also with Grubb & Ellis, represented seller Flower Street Capital LLC, of Phoenix during the four months the complex was on the market. Rod Crotty with Cutler Commercial of Phoenix represented the buyer in the negotiations.
Boyle says a cap rate of 8.6% along with an 88% occupancy drove interest in the multi-tenant buildings. About half of the property is occupied by the Arizona Department of Economic Security, which uses the site as a training facility. The project's location within a mile of Interstates 10 and 17 also was a strong selling point, he says.
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