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10,534-SF, Mixed-Use Asset Earns $3M Plus

GILBERT, AZ-Brothers Properties of Tulure, CA, armed with 1031 exchange proceeds, scores the win by offering 80% down and coming within $150,000 of the ask for the Oasis at the Islands. The seller plans to reinvest his gain closer to home.

By Amy Wolff Sorter | Updated on September 15, 2005

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.”

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