The Oliver Family Trust took title to the 3720 E. Indian School Rd. plaza in a 75-day start to finish with seller, Centre at 38th Street LLC of Santa Ana, CA, an entity of Red Mountain Retail Group Inc. "I'm really good friends with the listing agent. This property was on the market last year and it had a restaurant pad that was vacant. So, they took it off the market and got it re-leased to Flat Iron Grill," Nicholas Miner, an associate with Colton Commercial in Phoenix, tells GlobeSt.com. "I caught wind of it and had a signed letter of intent within 24 hours."
The buyer took on a conduit loan with a 2012 maturity from PNC Bank of Pittsburgh at a 6.6% fixed-rate interest. The assumption process took about two months to complete.
Miner, representing the buy side, says the 26-year-old center, which underwent a facelift three years ago, will be held as a long-term investment. The tenant roster includes State Farm and LA Weight Loss. Shari Tucker and Mike Day with Sperry Van Ness in Phoenix represented the seller.
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