"It was a very stable, good investment," Michael Hackett, with Marcus & Millichap's Phoenix office, tells GlobeSt.com. He said the buyer found the long-term, triple net leases, the shortest of which expires in 2006, to be the prime appeal in buying the 19,800-sf retail property, which does not include the adjacent Bashas' grocery store.
The Southern Avenue and Mesa Drive retail complex is fully leased. The tenant roster includes a 99 Cents Only store, self-serve laundry, barbershop, chiropractor and tax preparation service. Hackett said the new owner exchanged a similar retail complex at 2816 N. 16th St. in Phoenix, to move into the deal.
Seller Kashat and Kashat LLC of Southfield, MI, was represented in the negotiations by Ron Fried of SAF Investments. Hackett represented the buyer in the transaction.
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