"They were really a strong buyer and had the experience owning commercial real estate," Peter TeKampe, a senior associate with Marcus & Millichap in Phoenix, tells GlobeSt.com. Staletovic Property Holdings paid about $1.6 million apiece for Saguaro Plaza in Fountain Hills and the Brown & Mesa Center in Mesa.
The 11,142-sf Saguaro Plaza, built in the mid-1990s, sits at 13212 N. Saguaro Blvd., in the heart of Fountain Hills' upscale commercial district and directly across the street from tourist-friendly Fountain Park, home of one of the tallest fountains in the world.
Principals Goran and Zlatana Staletovic obtained a three-year, $1.2-million loan at a fixed 5.75% interest rate from a small Midwestern loan provider, according to TeKampe. Saguaro Plaza is fully leased to a coffee shop, dry cleaner and physical fitness center. Rents range from $12 per sf to $15 per sf. The property never hit the market and received no other offers, says TeKampe.
The Staletovics also purchased the 10,000-sf Brown & Mesa Center at 1055 N. Mesa Dr. Built in the late 1960s, the center's occupancy was 75% at closing. The Staletovics closed below the $1.6-million ask, besting 10 other offers on the table. The property was on the market 30 days before entering escrow, says TeKampe.
The deal closed with a five-year, $1.2-million acquisition loan from the same lender at a 5.75% fixed rate. The single-story plaza is home to local-credit tenants including a Laundromat. Monthly rents range from $7 per sf to $12 per sf.
TeKampe estimates that a quarter of his clients who previously were active in multifamily have migrated to other property types to get a better return on their investments. TeKampe represented the buyer in both transactions. Mike Susic of Phoenician Properties represented the GP Saguaro LLC of Scottsdale in the Saguaro Plaza deal; Michael Hackett of Marcus & Millichap represented seller, Basil Bakal of Lansing, MI, in the Brown & Mesa transaction.
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