X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-A 1031 exchange buyer from Chicago has made his first buy in the Valley, paying $1.5 million for Bethany Professional Square, a 13,802-sf, class C office building.

Stelian Mazilu tied up the asset immediately after it hit the market, according to the buyer’s broker, Frank Balos of Balos & Associates in Phoenix. He tells GlobeSt.com that the new owner feels lucky to have found the 30-year-old building at 6040 N. 7th St. “We looked for two weeks and nothing stood out except this building,” he says, adding the investor considered other listings as overpriced. “He wanted to pay right around $100 per sf,” Balos says.

Mazilu plans to rehab and update the 80%-leased building, including improvements to the HVAC system and vacant offices, Balos says. The new owner has tapped Balos to lease and manage the building, which has a quoted rent of $16 per sf. The tenant roster includes Farrar Financial, ABC Draperies and accountant Vincent Murrietta. Bethany Professional Square was sold by Copperwood Properties of Salem, OR, which was represented by Steve Fernandez, Jenifer Lunt, Andrew Fosberg and Claudia Jara of CB Richard Ellis Inc.’s local office.

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

GlobeSt

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.