"It's in good shape and poised to produce income for quite some time with no deferred maintenance," Insignia/ESG associate director Ray Harris tells GlobeSt.com. The office plaza is located at 6151-6153 W. Olive Ave., across the street from Gilbert Community College.
Emrland LLLP, a private family investment company from metro Phoenix, picked up the single-story office property from Lyle and Patricia Chittick of Scottsdale, who had placed the plaza on the market about eight months ago.
Located between Interstate 17 and Loop 101, the building, which was constructed in 1986, was completely remodeled in 2001, with a new roof and air conditioning system. Harris said the new owners plan to keep the building for investment.
Harris represented the seller in the negotiations. Jeff Adams with NAI Horizons brokered the terms for the buyer.
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