Buyers Warren and Carolyn Hall placed the winning offer in the first week of marketing for the inline space at 3614 E. Southern Ave. Eyeing a potential value-add opportunity, the Halls offered $50,000 over the ask to beat out multiple offers on the space, Mindy Korth, a senior vice president in Phoenix for Trammell Crow Co., tells GlobeSt.com. Escrow lasted 45 days. Financing was arranged through Compass Bank of Birmingham, AL.
"He was a 1031 investor and lived in the neighborhood. He was very familiar with the shopping center and it seemed like the perfect fit," Korth says about the takeover from Regency Retail Group Inc. of Denver.
The couple bought a 77%-leased block of inline space to the 90,000-sf Stonebridge Center, built in 2001. The sale did not include the Safeway grocery anchor or pad sites with Jack in the Box and Del Taco restaurants.
The Halls are planning a long-term hold for a property with upside in the vacancy. The roster to date includes Professional Institute of Real Estate, Port of Subs, Vista Lake Cards & Gifts and A-1 Bike Center.
Korth and Barry Gabel of Trammell Crow Co. represented the seller. Mark Rein of Rein & Grossoehme of Phoenix bargained for the buyer.
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