X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MESA, AZ-A private investor from California has beat out eight offers to acquire his first property in the area, 4,100 sf of shadow space to a Walgreens drug store. The buyer meets the full ask of nearly $1.3 million for the fully leased, eight-year-old building.

The just-sold holding at 4437 E. Southern Ave. is a mix of national and local tenants. Walgreens was not part of the deal.

According to Michael Hackett with Marcus & Millichap Real Estate Investment Brokerage Co.’s Phoenix office, the local seller, Kalispell Creek LLC, disposed of the asset for retirement planning purposes. “She’d purchased this essentially vacant property about a year and a half ago, put tenants in there, added the value, then decided to move on,” says Hackett, who represented the seller and the buyer, Gary Porfido of Aptos, CA in the transaction.

Hackett tells GlobeSt.com that the listing attracted nine offers in a 30-day run on the market. “The buyer had the most attractive deal in terms of money down and quickness of close,” he adds.

The good news for the buyer is that the property doesn’t require much in the way of upgrades. “It’s stabilized,” Hackett adds. “There’s really no need for any further improvements at this point.”

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.