PHOENIX-Continuing the trend of Canadian investments in Phoenix, Westmont, Quebec-based Dalfen America Corp. (dba Mazal Tov Realty LPL) paid $7.5 million to acquire a warehouse-office property from Tucson-based Holualoa Cos. The 136,000-square-foot property is Dalfen America's fourth buy in the region.
Cassidy Turley executive vice president Bob Buckley indicates that the building at 4707 Baseline was vacant at the time of sale, but that the new investor is enjoying "solid tenant activity" on the asset. Buckley partnered with Cassidy Turley executive vice presidents Tracy Cartledge and Steve Lindley to represent the buyer.
The building is situated on 6.8 acres and includes 42,372 square feet of office space and 94,211 square feet of warehouse space. The asset was built in 1996.
“We continue to see an increase in Canadian buyers looking to acquire office and industrial properties in the Phoenix area. They are motivated by a desire to diversify their Canadian investments into U.S. dollar investments,” Buckley comments.
In a recent article published on GlobeSt.com, Andrew Greig with Pure Multi-Family in Vancouver said that US real estate appeals to buyers from Canada for two reasons: Taxes and cap rates.
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