In a somewhat different sales strategy than usual, the properties at 256 S. Horne St., 740 E. 3rd St. 758 E. 3rd St. and 766 E. 3rd St. were marketed as 10 individual properties to attract 90% loan-to-value residential financing. It was assumed that a strong four-plex market would help carry the strategy--and it apparently worked.
"The properties were on the market for 60 days, the total time from the date listed to the date of closure," Greg Thielen of the Phoenix Office of Hendricks & Partners, tells GlobeSt.com. "The sellers were just looking to get out of the partnership of this property," he adds.
Thielen and John Kobierowski, also with Hendricks & Partners, represented the buyers, Joseph and Jadine Garcia and Janine Letellier of Vallejo, CA and Phoenix; Robert and Carol Martin of Westlake Village, CA; Tony Hernandez, Imad and Marilena Khater, all from San Francisco, CA; Mark McConnell and Michael Norte and Mike Koelsch, all from Huntington Beach, CA; and Paris Greenwood of Hayward, CA.
Linda Gerchick of ReMax Commercial Investment of Arizona in Scottsdale represented the sellers, who were Judith A. King Trust of Santa Fe, CA; David and Elaine Mexicano of Scotts Valley, CA; PKG Properties LLC of Scottsdale; William and Elsie Bassett of Gilroy, CA; and John Barr of Larkspur, CA.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
