The 16-year-old office park, situated on 2.11 acres at 3031 W. Northern Ave., was 80% leased to local and regional tenants. The occupancy rate was one of the property's aspects that attracted the buyer, Wetmore Vista Holdings LP from Honolulu, which was represented by Phil Marino of Intercon West Realty Advisors in Phoenix.
"She's excited about the opportunity to lease this up and is excited with the low price per sf," says Sean Stutzman, an adviser with Sperry Van Ness' Phoenix office, who teamed with Jeff Chalfin and Mike Day to represent the seller, Carlisle Properties of Sun City West, AZ.
Stutzman indicates to GlobeSt.com that the complex was marketed for 35 days and attracted strong activity, but Wetmore Vista Holdings was selected because it offered all cash and a quick ability to close. "The surety of closing was definitely important to the seller," Stutzman adds. "He'd tried to sell this a few times during the past couple of years so a buyer's ability to close was important."
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