VJ Properties Pays $2M for REO One Deer Valley

PHOENIX- VJ Properties acquired the REO three-building, 47,911-square-foot One Deer Valley.  The Scottsdale, AZ buyer paid JPMorgan Chase a little more than $2 million in cash to take possession of the multi-tenant office and general industrial asset.

According to buyer representative Matt Hobaica with Lee & Associates, the 1980s asset at 1 W. Deer Valley Rd. last traded hands in October, 2005, for just under $5 million. “The owner ran into problems with it and Chase Bank foreclosed on it in August of this past year,” Hobaica adds. Colliers Interntional’s Eric Bell and Michael Ciosek represented the seller.

Hobaica, who is also handling leasing activities for One Deer Valley, tells Globest.com that occupancy is currently 65%. He adds that VJ Properties does plan some capital investment, but mostly along the lines of tenant improvements. The make-up of the asset consists of a 21,796-square-foot office building, and two industrial buildings measuring 13,371 square feet and 12,744 square feet.

One Deer Valley offers a lot of benefits to the new owner, Hobaica explains, not the least of which is a lack of a major lease roll. Because the asset is geared toward smaller, multi-tenant industrial and office users, “you don’t have one or two tenants that may be vacating and leaving some space,” he comments.