X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

TEMPE, AZ-Two Paradise Valley, AZ entities have made a deal for the disposition of the 15,900-sf multi-tenant automotive property, Scottsdale Suzuki, which was sold for just under $2.5 million in a 1031 exchange.The property, built in 1984 and located at 2404-2412 North Scottsdale Rd., was 100% occupied with three tenants at the time of the sale.According to David Guido of Marcus & Millichap Real Estate Investment Brokerage Company ‘s Phoenix office, the property went through a few ups and downs before finally being sold to Robert Reisner of Trymar Center LP.”We had some offers, we had it under contract, lost the listing, got it back, then sold it,” says Guido who with Marcus & Millichap’s Joe Compagno, represented the seller, Al Kern of AJA/FAF Investors, in the transaction. Erik Marsh, also with Marcus & Millichap, was on hand for the buyer.Guido tells GlobeSt.com that the original ask was $2.4 million, adding that short-term leases on the part of the tenants also tended to make some investors shy away from the deal, as there were problems with leverage.However, “overall, this was a nice deal and it’s a good property,” he says. “It’s on a well-located roadway and is a good investment for the buyer.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.