PHOENIX—In this edition of Deal-Tracker, Cushman & Wakefield of Arizona, Inc. completes the $2.8 million sale of the Charter Palms Apartments, 1220 N. 44th St. Plaza de Vista, LLC of Tempe purchased the property from Realty Partners Charter, LLC of Phoenix.
The complex was constructed in 1974 and contains 74 apartment units totaling 60,400 square feet. The property, which includes five buildings, is 69% occupied.
“The property has quite a bit of deferred maintenance that the buyer plans to take care of while also improving the quality of the asset,” says Brett Polachek, senior director with Cushman & Wakefield.
Polachek and Jim Crews of Cushman & Wakefield successfully marketed the property for sale and represented the seller. The buyer was represented by Brock Danielson of K.W. Commercial.
PHOENIX—Daum Commercial Real Estate Services has negotiated the $1.08 million sale of a 14,000-square-foot, single-tenant industrial building located at 1203 W. Geneva Dr. in Tempe.
Carl Johnson with Daum Phoenix represented the seller, Four Js Investment Group of Burbank.
The buyer, Second Letter Holdings LLC of Scottsdale was represented by Tom Tornabene of Tornabene & Associates, also of Scottsdale. The buyer leased the facility one year ago with the option to purchase the building.
PHOENIX—Marcus & Millichap announces the sale of AutoZone Ground Lease, a 7,400-square foot net-leased property located in Mesa, according to Don Morrow, regional manager of the firm's Phoenix office. The asset sold for $1.4 million.
Jamie Medress and Mark Ruble, investment specialists in Marcus & Millichap's Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
AutoZone Ground Lease is located at 2706 S. Crismon Rd. in Mesa.
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