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1960s Vintage Office Building Nets $1M

SUN CITY, AZ-Despite its age and large tenant base, Sun City Professional Building garners 10 offers. After falling out of escrow one time, the 15,788-sf, class C office building trades for $1.4 million at an 8.7% cap rate to a SoCal investor.

By Jennifer D. Duell | Updated on July 13, 2005

SUN CITY, AZ-A private investor from Manhattan Beach, CA has picked up Sun City Professional Building after it fell out of escrow. The first-time Valley buyer has paid $1.4 million for the 15,788-sf, class C office building.

Sold by the Perisic family of nearby Gilbert, Sun City Professional Building sits on more than an acre at 12630 N. 103rd Ave. It is 91% occupied by 27 national and local tenants, including Farmers Insurance, Comfort Keepers, Statewide Hearing and Loveland Tax & Financial. “The Perisic family wanted to sell the building because it was too management intensive with so many tenants,” Sean Stutzman, an investment adviser with Sperry Van Ness’ Phoenix office, tells GlobeSt.com.

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