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SCOTTSDALE, AZ-With 1031 money to spend, an investment group from Huntington Beach, CA has expanded its Valley portfolio, paying $9.4 million for Hayden View Plaza, a 55,440-sf, multi-tenant property in the Scottsdale Airpark.

D.D. Dunlap Cos. acquired the 18-year-old industrial property at 15001 N. Hayden Rd. from Robert Reisner of nearby Paradise Valley. “The building attracted a lot of interest because of its below market rent and strategic location within the Scottsdale Airpark,” says Ray Fontaine, director of Marcus & Millichap Real Estate Investment Brokerage Co. He, Tim Rios and Erik Marsh represented the seller while David Guido of Marcus & Millichap’s Phoenix office represented D.D. Dunlap.

Fontaine tells GlobeSt.com that D.D. Dunlap won the deal because it was the highest of five offers and came in all cash. The building, with frontage on three streets, is 88% filled by local tenants like JB Motors, Airpark Banner and Sign and Designer Rugs. Fontaine says the tenants hold three- to five-year leases, paying an average of $14.50 per sf. He says market-rate rent is closer to $20 per sf.

Hayden View Plaza takes up the entire 4.5-acre tract. However, Fontaine says there is redevelopment potential, perhaps eight to 10 years out.

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