The property at 1314 Florence Blvd. baited "at least 15 offers," says Sanford Burstyn, senior investment associate in Phoenix and director of Marcus & Millichap Real Estate Investment Brokerage Co.'s national retail group. Burstyn represented the seller, Trollman Realty Investors LLC of San Mateo, CA.
Burstyn tells GlobeSt.com that the property came with a difficult loan attached to it. "The buyer was willing to assume this particular loan, which gave him the edge," he says.
Buyer of record, Office A Northern California, was completing a 1031 exchange with the deal. Sam Arikat from Arikat's Real Estate & Finance in San Francisco represented the buyer.
From the seller's perspective, Burstyn says a 1031 exchange also is likely. "I think the seller had something closer to home he wanted to purchase, which is why he sold this," he adds.
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