Search
 

Delayed Closing Impacts $4M Industrial Deal

PHOENIX-Two industrial buildings, with 44,288 sf of fully leased space, sit in escrow almost eight months before passing to a group of a tenants-in-common investors for $4.1 million. The Arizona buyers go up against nine others to score the win.

By Jennifer D. Duell | Updated on July 21, 2005

PHOENIX-Patience has paid off for a group of tenants-in-common investors that waited nearly eight months to close a $4.1-million acquisition of two industrial buildings, totaling 44,288 sf. The buyers, Fendrich Associates of Denver, Aznaf Family Trust of nearby Glendale and JJGP Inc. of Scottsdale, out-waited nine others, mostly 1031 exchange investors.

“The seller, Eldad Arnon, wanted to delay closing so he could find a 1031 property,” says Jane Poucel, a vice president of Colliers Classic. “So that kicked out all the buyers who were in a 1031 exchange.” The package consists of a 25,728-sf building at 701 W. Deer Valley Rd. and an abutting 18,569-sf structure. The asset is across the street from the Deer Valley Municipal Airport.

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.