Jutzi Properties LLC of Phoenix has bought 100 W. Camelback Rd., a 20%-leased structure. "This was a listed property that sold the day it was put on the market," says Chris Keenan, an investment associate with Marcus & Millichap Real Estate Investment Brokerage Co.'s local office. He represented the buyer and the seller, 100 West Holdings LLC of Tempe.
Keenan tells GlobeSt.com that the 1961-constructed property, situated on less than an acre, was the seller's only asset. The buyer, he adds, had just sold a medical building and purchased the office property for its low price of $87 per sf. The buyer is looking for additional investment opportunities as well.
"This is a growing trend," Keenan says. "Buyers are looking at prices in terms of per sf opportunities. I have a number of properties listed that way. The lower prices offer good opportunities for potential buyers."
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