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CASA GRANDE, AZ-A limited liability company from Northern California has paid $4.03 million for a 45,327-sf building fully leased to Office Max and Dollar Tree through 2014.

The property at 1314 Florence Blvd. baited “at least 15 offers,” says Sanford Burstyn, senior investment associate in Phoenix and director of Marcus & Millichap Real Estate Investment Brokerage Co.’s national retail group. Burstyn represented the seller, Trollman Realty Investors LLC of San Mateo, CA.

Burstyn tells that the property came with a difficult loan attached to it. “The buyer was willing to assume this particular loan, which gave him the edge,” he says. The conduit and CMBS-backed loan, secured in 2001, had a five-year lockout on the prepayment, according to Burstyn, who adds it had “heavy impounds and was locked out somewhere between 7.5 and 8%.”

Buyer of record, Office A Northern California, was completing a 1031 exchange with the deal. Sam Arikat from Arikat’s Real Estate & Finance in San Francisco represented the buyer.

From the seller’s perspective, Burstyn says a 1031 exchange also is likely. “I think the seller had something closer to home he wanted to purchase, which is why he sold this,” he adds.

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