Within 90 days of going on the market, the 1600 W Broadway Rd. property changed hands in an $8.5-million deal between a Hawaiian seller, 1600 Broadway LLC, and Phoenix buyer, 1500 ICP LLC. "We had four other offers," Barry Gabel, with the Phoenix office for Dallas-based Trammell Crow Co., tells GlobeSt.com.
It was the locally based buyers' knowledge of the marketplace and their ability to close the deal that won the title to the property, however, Gabel said. Built in 1984, the three-story building sits on 3.6 acres near Interstate 10 and Sky Harbor International Airport. "It's a great Tempe office location," Gabel noted.
But it wasn't only the location that caught the eye of Tom Donahue and Jeff Krajewski, principals with 1500 ICP LLC. Gabel said the property's attractive assumable financing, its full occupancy and its solid rent role made the building a much sought after commodity.
Gabel said the building's quick sale was not unusual in such a tight market where investors, seeking to move their money from the stock market into real estate, are finding good, solid investment properties in short demand. "There's not a lot of blood trickling out on the street, but there is good solid capital looking for good solid deals and that's what happened with Southwest," he said. The transaction was negotiated for both parties by Gabel and Mindy Korth, also with Trammell Crow. The new owners will manage the property.
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