For more retail coverage, click GlobeSt.com/RETAIL.
PHOENIX-A local antiques dealer with several retail locations throughout the Valley has paid $550,000 for a 4,000-sf building.
Local resident Richard Mehagian, whose father developed the building to house the family's appliance store, sold the 1960s-era building to JSL Holdings LLC, which will open another Chez Antiques location within 30 days at 5102 N. Central Ave., says Brent Mallonee, a senior associate with Grubb & Ellis|BRE Commercial LLC. He represented the seller, while the buyer, who usually leases space, was represented by Allan Thorson with Dan Schwartz Realty of Phoenix.
"The building is in turnkey condition with new carpet and paint," Mallonee says. JSL Holdings paid cash for the empty building, according to Mallonee.
Mallonee tells GlobeSt.com that there was a lot of interest in the building because of its location near Camelback Road. He says he received as many as 15 calls per day on the building even after it was in escrow with JSL Holdings.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
