Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-A Monterey, CA trust fund beat out four other bidders to pick up a freestanding, fully occupied retail building on the Scottsdale border with a $2.9-million offer in a deal that gave the seller 99% of the asking price.

The Margaret Brooks Trust grabbed Tatum and Thunderbird Square, an 8,600-sf property with two long-term tenants, just 30 days after it was put up for sale by Mike Polachek and Dave DePierro, both of San Diego. Marcus & Millichap’s Jamie Medress tells GlobeSt.com that the buyer was impressed by the building’s strong location at 4760 E. Thunderbird Rd. along with the area’s high-traffic count, strong demographics and solid tenants.

“It’s a great location,” Medress says of the two-tenant building, which sits on the north east corner of Tatum Boulevard and Thunderbird Road, just in front of the Tatum Square shopping center. Tenants Eyeglass World and Summit Cleaners hold leases ranging from eight to nine years, Medress said.

Medress and Jessica Zahn, also with Marcus & Millichap, represented the sellers in the transaction. The buyers were assisted by Gary Williams with Pacific Union Realty of San Francisco.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.