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PEORIA, AZ-Just four months after picking up a four-acre tract on a prime retail corner in the fast growing suburb of Peoria, a California investment group has sold the parcel for a quick $250,000 profit.

“It was a unique situation, but I don’t expect that kind of magic to happen again,” Fred Simanek, with Power Partners, a Thousand Oaks, CA-based investment group, tells GlobeSt.com. Simanek said Power Partners purchased the acreage at 83rd Avenue and Union Hills Drive in November for $700,000 and planned to construct a 70,000-sf, $1.7-million self-storage facility on the site. But shortly after the acquisition, they were getting offers from retail developers and investors who wanted to buy prime corner location. “We had three offers and about 10 inquiries,” he said. “It certainly opened our eyes.”

When a private Phoenix investor offered the partners $950,000 for the land, Simanek said the offer was too hard to resist. The new buyer, whose name Simanek would not disclose, plans to use Power Partners existing plans, designed by architect Don Cramer, to build the self-storage facility on the site. Construction is expected to begin in July with completion scheduled for early next year.

Power Partners was represented in the transaction by Fritzco Real Estate of Thousand Oaks, CA. Lisa Black of Marcus and Millichap’s Phoenix office represented the buyer.

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