Built in 1979 on 5.8 acres, the 3201 W. Peoria Ave. asset was 80% occupied at sale time. With the acquisition complete, the buyer is focusing on refurbishing the property to help boost occupancy. "The buyer is putting about $300,000 into the property to reposition it and to make improvements," says Ched Eckert, vice president with GVA Daum in Phoenix. Additionally, the buyer's broker says RWR Enterprises LLC hired a local firm, the Plaza Cos., to handle leasing and property management.
The seller, LeBlanc Revocable Trust of Rancho Murrieta, CA, is a husband-and-wife team that was represented by Jenifer Lunt, Steve Fernandez, Andrew Fosberg, Claudia Jara and Colleen McPherson with CB Richard Ellis Inc.'s Phoenix office.
According to Lunt, a CBRE vice president, the original ask was $8.8 million, a price that came with concessions like a one-year rent guarantee. The buyer, however, "ended up buying the property without the rent guarantee," she tells GlobeSt.com. "He was also the most aggressive in terms of the pricing." She adds the listing attracted "just under 10 offers."
Eckert says the Metro Medical Plaza acquisition is one of many similar deals in the works for RWR Enterprises. With the deal done, he's busy coordinating several additional purchases and property sales for the local investment group.
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