Iowa Investor Pays $971,838 for 5,656-SF Building

TEMPE, AZ-A private investor from Iowa has bought his first piece of Arizona commercial real estate, shelling out $971,838 for a 5,656-sf building in Tempe. Randy Ward, a prominent businessman, has leased his new holding in the Broadway & 101 Corporate Center to a physical therapist whose patients include athletes from the Diamondbacks and Cardinals.

The acquisition from Saguaro Ventures LLC required zoning relief from the City of Tempe, Ken McQueen, director of Insignia/ESG in Phoenix, tells GlobeSt.com. The change took the property from office to medical use. McQueen says the sale included an office finish-out for the “for-sale” shell so the therapist could open for business the day after Ward closed on the acquisition at 2065 S. Cottonwood.

Saguaro, a Phoenix-based merchant builder led by Dallas Peterson, still has three of the five single-user buildings up for sale in the purely spec development. Eric Jones of Commercial Properties in Phoenix negotiated the sale for Saquaro and McQueen represented Ward.

Ward is one of the main investors in Mondo’s restaurant in Phoenix. His primary real estate holdings are located in Iowa, where he operates Randy’s Carpets. According to McQueen, Ward bought the property for his friend, the therapist, who in turn signed a five-year lease for 82% of the building. The building fronts Loop 101 and attracted no other bidders, says McQueen.