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54,000-SF Country Club Center Snags $3M

MESA, AZ-With 1031 exchanges on both sides of the deal, the 96%-leased office/industrial asset sells in an off-market transaction to a California-based partnership, which is dipping its investment toe into the metro.

By Amy Wolff Sorter | Updated on August 16, 2005

MESA, AZ-Country Club Center, a 54,000-sf office and industrial property owned by private investor from Phoenix, has been sold to Northern California-based Snegg & Snegg LP for $3.3 million, in an off-market transaction.

Paul Boyle, senior vice president for Grubb & Ellis/BRE Commercial LLC in Phoenix, says the sale of 501-05 W. 8th Ave. represented a 1031 exchange for buyer and the seller, Robert Reisner. He and Rick Danis, also with Grubb & Ellis/BRE Commercial LLC, handled both sides of the transaction.

The property features a 1985-built structure, 96% occupancy and additional land allowing enough room for future construction of a 15,000-sf building. Boyle indicates the buyer has no immediate plans to break ground on a new structure, however.

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