Marvin grabbed three art houses and a spa in Old Town Scottsdale in a four-property deal worth $3.1 million. "We love the area," Marvin tells GlobeSt.com of his latest property purchase, the third in just over a year in the Phoenix market.
Under the entity Giddyup Properties, Marvin partnered with his wife, Joan, and son Eric, to take over the fully occupied storefronts at 7040 Third Ave. along with 4164, 4168 and 4235 N. Marshall Way, all located in the heart of the city's historic district. Ranging in size from 2,600 sf to 7,000 sf, the properties are home to the Spa du Soliel and galleries Marshall Arts, the Cultural Exchange and Eeze Fine Art.
"We had been looking for quite some time in that area and finally located the buildings we wanted," Marvin said. But it wasn't just a matter of Marvin finding his buildings of choice. Owner CG Rein Co. wasn't prepared to sell. Marvin, however, was prepared to wait. When the company's owner finally decided to sell the property in a 1031 Exchange, Marvin's Giddyup Properties was ready to talk business.
The deal added some prime Scottsdale addresses to the investors' growing Phoenix portfolio. Just over a year ago, Marvin and his family purchased a retail center at 1442 E Chandler Blvd. in Ahwatukee. The center is anchored by Safeway, with about 7,000 sf of the pad space more than half leased to tenants such as Cold Stone Creamery and Little Caesars Pizza.
Marvin was represented by Perviez Donboli, an independent broker, in all three acquisitions. The CG Rein Co. was self-represented in the sale of the Scottsdale properties.
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