Search
 

Nevada Buyer Bets $2M on 76% Vacant Office Building

FOUNTAIN HILLS, AZ-After falling out of escrow twice, a 18,564-sf, class B office building, Fountainview Place, finally trades to a 1031 exchange buyer from Henderson, NV. The new owner plans to relocate to the Valley to oversee the lease-up.

By Jennifer D. Duell | Updated on June 17, 2005

FOUNTAIN HILLS, AZ-A 1031 exchange buyer looking for a value-add investment opportunity has snagged Fountainview Place for $2.1 million after it fell out of escrow twice. The 18,564-sf, class B office building is 24% occupied.

Anthony Joseph Sy of Henderson, NV got the holding from Schiller Park Building Venture LLC of nearby Mesa. “Each time the building fell out of escrow there was renewed interest because of the value-added aspect,” Andrew Fosberg, a sales associate with CB Richard Ellis Inc.’s Phoenix office, tells GlobeSt.com about 13014 N. Saguaro Blvd.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.