X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

GILBERT, AZ-In a fairly quick turnaround of 45 days, Brothers Properties LLC of Tulure, CA has acquired a 10,534-sf retail property located in Oasis at the Islands from Montara, CA-based Comeragh LLC.

The deal closed at $3.37 million or $150,000 less than the ask. “This was about a month and a half on the market,” comments Ari Spiro, senior investment adviser for Sperry Van Ness’ Phoenix office. He and colleagues Jeff Chalfin and Mike Day represented the seller of 81 S. McQueen Rd. while Doug Anderson of Travis Realty Inc. in Phoenix negotiated the buy side.

Spiro says six offers were received, with the winner coming in with 1031 exchange funds. “They came up with 80% down,” he tells GlobeSt.com. “Financing didn’t seem to be an issue. We felt comfortable with them.”

The seller, also participating in a 1031 exchange, plans to invest closer to his home in Northern California, Spiro says. “The seller had purchased the property from the original developer at the end of 2003 and decided to have his money in his own backyard,” Spiro adds. “It’s a strong market. It was a good time to sell and a good opportunity for him.”

The fully leased Oasis at the Islands contains office and retail space. Built in 2003, the 1.2-acre center’s roster is primarily local tenants.

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. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

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.