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MESA, AZ-Armed with 1031 Exchange money, a family trust from San Francisco has purchased the Higley Southern Retail Center from locally based Higley ShopsInc. for nearly $2 million.
Located at the northeast corner of Higley Road and Southern Avenue at 1121 S. Higley Rd., the two-year-old center is fully leased. Tenants include Subway, Checkmate and State Farm Insurance.
"The center received several full price offers," Steve Cook, president of Scottsdale, AZ-based Escee Commercial Properties, tells GlobeSt.com. Cook, along with Jeff Levine, represented Higley Shops Inc. in the transaction. Higley Shops was the center's developer. "There's nothing not to like about this center," Cook says. "It is brand-new construction with good demographics in a growing area. It offers good cash flow as a long-term investment."
The buyer assumed about $800,000 of existing debt to close the deal. The loan had "favorable rates," Cook says. Trevor Thorpe of CB Richard Ellis Inc.'s San Francisco office and Andrew Fostberg of CBRE's Phoenix office represented the trust in the transaction.
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