Honolulu Investor Beats 10 Others With $590,000 Cash Offer

PHOENIX-A Hawaiian investor has won out over 10 other bidders to take ownership of an 8,865-sf property in central Phoenix that is home to four small businesses.

Joseph Phillips of Honolulu took the prize with a $590,000 all-cash offer that delivered ownership of the Dollar Days Center at 2816 N. 16th St. The property houses a Dollar Days store, Rosanna’s Beauty Salon. Deporte’s America Sporting Goods and a dance club.

“It turned out to be a bit of a bidding war,” said Michael Hackett of Marcus & Millichap, who represented seller Saleem Ali Kanjiyani of Phoenix, in the transaction. “We had it in escrow once and had 10 offers on the property,” he added, explaining it finally sold after just two months on the market.

Hackett said the building, built in 1957, was a 1031 Exchange for both seller and buyer, who was represented in the transaction by Ed Slavish of Slavish & Associates.