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Midtown Office Building Snares $1M

PHOENIX-A California investor, one of five surfacing within 24 hours of the deal coming to market, spends slightly more than $1.4 million for a 12,300-sf office building in a sale/leaseback to a Mexican eatery for continued headquarters use.

By Lee Simmons | Updated on May 20, 2004

PHOENIX-Generating five offers in just 24 hours on the market, a 12,300-sf midtown office building sells to a California investor for slightly more than $1.4 million in a sale/leaseback scenario that keeps a Mexican eatery’s headquarters in place.

“He absolutely wanted a single-tenant office building. There’s very little single-tenant product available in the market today so this fit his criteria,” Tim Rios, an associate at Marcus & Millichap in Phoenix, tells GlobeSt.com. Three of the five offers, including the buyer’s bid, met full listing price, he adds. Macayo’s Mexican Kitchen signed a five-year lease with two five-year options at $10 per sf triple net to hold onto a 17-year-old, class B office building at 3117 N. 16th St.

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