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MESA, AZ-After a somewhat lengthy marketing period and escrow, the 12,810-sf Porter Plaza office building has sold for $1.45 million. Located at 525 W. Southern Ave., the property, situated on 1.26 acres, houses smaller local tenants. According to Sean Stutzman, part of the challenge in concluding this particular transaction was the fact that the smaller tenants held shorter leases.

“Many of the tenants are month-to-month or on short-term leases, so getting financing was difficult,” explains Stutzman, an investment advisor with Sperry Van Ness’ Phoenix office. Stutzman, with Ari Spiro, Jeff Chalfin and Mike Day, represented the seller, Mesa, AZ-based Porter Family LP, in the transaction.

The solution to the problem, he continues, was a seller carryback, which was determined late during the escrow period. The buyer, Prince-Panitz Family Trust in Oak Park, CA put down half the money, and obtained a loan from the seller for the remainder.

Though the property did have its tenant challenges, Stutzman tells GlobeSt.com that the seller obtained about 10 offers during the marketing period. “We chose this particular buyer because he’s active in this market, and was most likely to close,” he says. The buyer is also likely to structure some longer-term leases, Stutzman believes. Jim Perez of Prudential Arizona Properties in Gilbert, AZ represented the buyer.

Stutzman goes on to say that the seller, who developed the property and has owned it for close to 30 years, chose to sell because he plans to retire from real estate. “This particular deal fit his goals well, to do a carryback and receive some income off of it for his future,” Stutzman says.

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