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$2M Seals Class B Office Building Sale

TEMPE, AZ-After just two weeks on the market, Desert West Plaza, garners three offers. A 1031 exchange buyer from Bainbridge Island, WA wins the deed with a $1.7-million offer for the 11,465-sf asset.

By Jennifer D. Duell | Updated on March 15, 2005

TEMPE, AZ-Blue Cactus Holdings LLC, a 1031 exchange buyer from Bainbridge Island, WA, has acquired Desert West Plaza for $1.7 million from Desert West Plaza LLC.

Located at 4700 S. Mill Ave., the 11,465-sf, class B office building traded at a 5.6% cap rate, according to Steve Gonzalez, a senior investment associate in Phoenix for Marcus & Millichap Real Estate Investment Brokerage Co. He tells GlobeSt.com that Desert West Plaza received three offers during a two-week stint on the market, beating other the competitors with the highest bid for recently upgraded building with freeway access.

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