ANTHEM, AZ-An Oregon trust has purchased one of four completed office condos for nearly $1.3 million as part of a 1031 exchange.

The 11,487-sf building, located at 41780 N. Vision Way, was sold to the John. J. Fedrizzi Trust of Sun River OR, which had sold a multi-tenant warehouse building at 11042 N. 24th Ave. in Phoenix for the exchange proceeds. “He’s holding onto this (new property) as an investment and is dividing the building in half so he’ll will have two suites available for lease,” says Cory Spanko of Wiley & Associates in Phoenix, who represented the buyer in the transaction and is leasing it for $1.10 per sf to $1.20 per sf, triple net.

A team from the Phoenix-based Lee & Associates Arizona office represented the seller, D & S N Desert LLC in Truckee, CA. The deal closed at $1.25 million or roughly $25,000 less than the ask.

Spanko tells that the buyer, a former area resident who now resides in Oregon, liked the Anthem market for good reason. “It’s a newer market with a lot of new development, but for his building, he virtually has no competition in terms of size and type to offer,” he adds.

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