GOODYEAR, AZ-A merchant builder from San Diego has sold a 14,999-sf Tutor Time Center for $5.57 million to a Colorado investor. The deal is underwritten with a 22-year tenant with an $8.6-million lease payout.
Steve Grady of the Zone Goodyear Group LLC sold the 1.6-acre project to Roger Van Wagner of Arvada, CO. The 2005-constructed building at 1730 N. Dysart Rd. near Interstate 10 presented few challenges when it came to marketing or finding buyers, according to dealmakers. A source familiar with the deal tells GlobeSt.com that the deal took six weeks to wrap up between introduction and closing.
"We received three or four offers on this and it ended up selling for the asking price," the source says, adding it's the buyer's first property in the area. Jamie Medress and Steve Gonzalez of Marcus & Millichap Real Estate Investment Brokerage Co.'s Phoenix office brokered the transaction for buyer and seller.
The area itself consists of smaller retail centers and single-family homes, typical of locations preferred by Tutor Time International Inc., headquartered in Boca Raton, FL. The west side is undergoing its share of residential development, which is why the developer chose the location for the educational center. Grady most recently sold a Tutor Time in Chandler to a Villa Park, CA trust for $5.48 million.
To secure the Goodyear purchase, Wagner obtained 50% financing from First Bank of Arvada. The source says the 10-year loan carries a 6.15% fixed-rate interest for the first five years and 25-year amortization.
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