"The building is in an excellent location and is a stable investment," says Eric Wichtermann, a vice president with Grubb & Ellis/BRE Commercial LLC. He and partner Stan Shafer brokered both sides of the deal.
Wichtermann tells GlobeSt.com that MTC Investments put McDowell Professional Plaza at 1301 E. McDowell Rd. under contract in the first week it was on the market. MTC Investments' ability to provide a 60% down payment was key because of the class B building's 76% occupancy, he says. McDowell Trust Partners guaranteed 15% of the vacant space for 12 months. "Because it's sometimes hard to get a loan with rent guarantees, we decided to go with (MTC Investments) because we thought it would be easier to close," Wichtermann says.
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