Search
 

Country Club Center Brings $2.4M

MESA, AZ-The 54,000-sf office/warehouse trades to a Scottsdale investor looking to satisfy a 1031 Exchange. The buyer's broker finds a 95%-occupied building with an extra half acre in Mesa that is particularly appealing due to the cash flow.

By Beverly Ford | Updated on February 21, 2003

MESA, AZ-A Scottsdale investor has dropped close to $2.4 million on a 54,000-sf multi-tenant office/warehouse with a solid cash flow, 95% occupancy in an acquisition that satisfied a 1031 Exchange.

Robert Reisner picked up the Country Club Center at 501-505 W. 8th Ave. from Marc Barmazel, of San Raphael, CA after the seller decided to divest of the property because it no longer fit into his portfolio, Paul Boyle, senior vice president with Grubb & Ellis Co.’s investment sales division in Phoenix, tells GlobeSt.com. The single-story building, located near Country Club Drive and Broadway, also included a half-acre tract that might be developed with an 8,000-sf building.

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

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

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 © 2024 ALM Global, LLC. All Rights Reserved.