18,400-SF Retail Center Gets $3M in Off-Market Trade

PRESCOTT VALLEY, AZ-The 18,400-sf Windsong Plaza has been sold for $2.8 million to a Los Angeles-based family trust. The off-market deal trades at an 8% cap rate.

Located at 3040-3050 Windsong Dr., the plaza was 100% percent occupied when it changed hands. The seller is a private investor, Anton Platzer from Prescott Valley, and the buyer is the Kravitz Family Trust, which acquired the property as part of a 1031 exchange.

“The buyer’s goals and motives were investment. He wanted something with a good rate of return,” says Nick Miner, senior associate with Eagle Commercial Realty Services in Phoenix. Miner. The trust’s broker says it’s the buyer’s first in the area and no more are planned at this time.

“This was a good first deal for him,” Miner tells GlobeSt.com. “There isn’t a lot of tenant turnover and it has staggered leases. This will take some work to keep up, but not a lot.” The center is filled with national and local tenants like chiropractor and fabric shop. Karen Klabacha of Realty Executives in Prescott represented the seller.