(For more retail coverage, click GlobeSt.com/RETAIL.)
SCOTTSDALE, AZ-As part of a business expansion to the area, a Southern California couple has purchased the former Lucky 7 Bar and Nightclub, a 6,560-sf building, for $1.35 million.
Irina and Ignor Grinblatt, who partially financed the purchase through a 1031 exchange, will likely reopen the location as a restaurant and bar. Sold by Englewood, CO-based Lincoln Trust Co., the 7341 E. 6th Ave. building was renovated in 2001, but has been vacant and on the market since 2003 for $1.55 million. The property did attract two other offers.
"Previous to Lucky 7, it was a bar called Ice, but that didn't make it either," says Brian Kocour, a senior associate with Grubb& Ellis/BRE Commercial LLC in Phoenix, who represented the seller. "One of the problems in selling this property was that two businesses didn't make it in that location."
However, Kocour says two things came together to push the deal through. First, the buyers were from out of state. And second, "everything is changing in the area," he tells GlobeSt.com. "The W Hotel is coming in and that's nearby. They're retooling the whole area there as an entertainment district so it's more appealing."
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