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Tropic Gardens Office Park Sells for $1.7M

PHOENIX-A 1031 Exchange delivers a sale for a 23,213-sf office building that's 94% leased in short- to medium-term pacts, one of the reasons that it came to market. The buyer, a Reno owner, took the opportunity to get into a metro Phoenix property.

By Beverly Ford | Updated on March 05, 2003

PHOENIX-A buyer who wanted to move into the Phoenix market and a seller who wanted to get out of it came together over a $1.7-million deal to exchange title to the Tropic Gardens Office Park, a 23,213-sf office building with an occupancy rate of 94%.

Phoenix Metro Properties LLC made the offer that took the 6232 N. 7th St., two-story office building off the hands of Gong-Holland Investments LLC in a move that turned out to be a sweet deal for both parties.

“The buyer was in a 1031 Exchange and owned property in Reno, but wanted to branch out in Phoenix,” Eric Wichterman, with Grubb & Ellis Co.’s investment division, tells GlobeSt.com. Tropic Gardens, with a $75 per sf cost and a 10% cap, was the perfect exchange, he said. For the seller, the deal meant an opportunity to divest of a building that had become a burden to manage.

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