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Northern California Investor Puts Up $4M for Retail Site

GLENDALE, AZ-KB Stone LLC spends $3.8 million for an 11,752-sf building leased to Tutor Time for the next 22 years. The Rosevill, CA buyer uses 1031 Exchange funds to cover part of the acquisition cost.

By Jennifer D. Duell | Updated on December 09, 2004

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GLENDALE, AZ-Private investor KB Stone LLC from Roseville, CA, has paid $3.8 million for a retail building leased for the long term to Tutor Time. The transaction was part of a 1031 Exchange.

The seller was San Diego-based Tutor Glendale Group, which built the 11,752-sf facility at 5550 W. Bell Rd. in Glendale earlier this year for Tutor Time. The school’s lease runs for another 22 years, says Jamie Medress, a senior investment associate with Marcus & Millichap’s Phoenix office. He partnered with Steve Gonzalez to broker the deal for the seller.

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