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Converted Bowling Alley Sells for $830,000

PHOENIX-The 1950-era property, now office and warehouse space, came fully occupied with a single tenant. The buyer is a California couple who was satisfying tax requirements from an Arizona multifamily complex with the purchase.

By Beverly Ford | Updated on November 04, 2002

PHOENIX-A bowling alley built in the 1950s that was converted into 15,300 sf of warehouse and office space has been sold to a Temecula, CA couple for $830,000 in a 1031 Exchange that allowed them to satisfy tax regulations following the sale of a Glendale apartment complex.

Donald and Mary Lou Hobbs bought the 43-year-old building at 2806 N. 24th St., located adjacent to the historic Green Gables restaurant, in a deal that gave them a fully occupied property within two miles of the Camelback Corridor, Steven Lindley, managing director for Insignia/ESG in Phoenix tells GlobeSt.com. “It has a great central location,” said Lindley. “A lot of companies want that proximity, but you just can’t find industrial near the Camelback Corridor.”

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