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First-Time Buyer Nabs $5M Retail Center

PHOENIX- A Valley investor beats out four other prospective buyers with a full-price offer to claim a 12,519-sf retail strip center. William Perry, who is completing several 1031 exchanges, drops $4.6 million on the 22-year-old center.

By Jennifer D. Duell | Updated on April 14, 2005

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PHOENIX-An individual from nearby Surprise, William Perry, has spent $4.6 million of his 1031 exchange money on a 12,519-sf retail strip center. The property, which is located at 3607 E. Bell Rd. off of Highway 51, is adjacent to an Arizona Department of Transportation park and ride center. “What makes this property unique is that it’s right off the freeway and has excellent access,” says Shari Tucker, an advisor with Sperry Van Ness’s local office. She represented the seller and developer, Casa Banco LLC of Santa Ana, CA. John Quatrini of Shell Commercial represented Perry. Tucker tells GlobeSt.com that the strip center received five offers during a 30-day period, and Perry made a full-price offer and closed within 30 days.”This is his first commercial real estate purchase,” she says. Perry, a farmer, sold several acres to a local homebuilder and is in the process of reinvesting that capital. Originally built in 1983, the center was renovated in 2004. It has a strong occupancy history and was fully leased up until one week before close of escrow, Tucker says. Seattle’s Best Coffee closed its 1,400-sf store due to the company’s acquisition by Starbucks Coffee Co. “The buyer felt so comfortable with the center that he was willing to buy it even though we lost Seattle’s Best Coffee,” she notes. Other tenants include 7-11 (with a gasoline station), Nextel and Fusion Chiropractic.

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