(For more retail coverage, click GlobeSt.com/RETAIL.)
GILBERT, AZ-In a fairly quick turnaround of 45 days, Brothers Properties LLC of Tulure, CA has acquired a 10,534-sf retail property located in Oasis at the Islands from Montara, CA-based Comeragh LLC.
The deal closed at $3.37 million or $150,000 less than the ask. "This was about a month and a half on the market," comments Ari Spiro, senior investment adviser for Sperry Van Ness' Phoenix office. He and colleagues Jeff Chalfin and Mike Day represented the seller of 81 S. McQueen Rd. while Doug Anderson of Travis Realty Inc. in Phoenix negotiated the buy side.
Spiro says six offers were received, with the winner coming in with 1031 exchange funds. "They came up with 80% down," he tells GlobeSt.com. "Financing didn't seem to be an issue. We felt comfortable with them."
The seller, also participating in a 1031 exchange, plans to invest closer to his home in Northern California, Spiro says. "The seller had purchased the property from the original developer at the end of 2003 and decided to have his money in his own backyard," Spiro adds. "It's a strong market. It was a good time to sell and a good opportunity for him."
The fully leased Oasis at the Islands contains office and retail space. Built in 2003, the 1.2-acre center's roster is primarily local tenants.
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