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Michigan Buyer Wins 9,800-SF Asset

PHOENIX-The fully leased Highgate Plaza in the central city sells for nearly $1.4 million, marking a trend among retail property owners for investing in smaller assets with local credit and high occupancies.

By Lee Simmons | Updated on April 07, 2004

PHOENIX-BJ&T Management Inc. of Farmington Hills, MI, has purchased the Highgate Plaza retail center in Central Phoenix for about $1.4 million. The private investor closed on the deal with sellers Haresh and Lata Wadhwani of Granada Hills, CA, who sold the asset as part of a 1031 Exchange.

“The market has become very aggressive. They were interested in taking some money out of this and reinvesting in another project in Phoenix,” Michael Hackett, associate director of national retail development for Marcus & Millichap’s Phoenix office, tells GlobeSt.com. Hackett represented both parties in the sale of the fully leased center.

Highgate marks the first Arizona asset for BJ&T Management, the purchasing entity of a private investor who intends to eventually move to the Phoenix area. Hackett says the investor, who also owns properties in Michigan, purchased the center to have awell-performing asset nearby once he relocates.

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