NAI Horizon represents seller in negotiating $2.195M sale of Sun City office building
PHOENIX, ARIZONA (January 9, 2019) – NAI Horizon represented the seller in the 1031 Exchange investment sale of an office building at 10240 W. Bell Rd., in Sun City, Arizona.
NAI Horizon Vice President Tom Bean, CCIM, and Associate Stan Matzinger, represented 10240 Bell Road Associates, LCC, a Washington limited liability company of University City, Washington, in the $2.195 million disposition.
The office building totals 18,258 SF and sits on 2.32 acres. Built in 1975, it features great access to the Loop 101 Agua Fria Freeway with frontage on West Bell Road. It also provides a convenient Sun City/Arrowhead location.
“The seller was motivated to move the property in 2018 due to tax consequences from another disposition in the state of Washington,” Bean said. “Our team worked diligently for more than a year to lease the majority of the vacancy and increased the occupancy to 91 percent from 74 percent to facilitate the sale at market terms.”
The buyer, Vintage Garden Properties, LCC, a California general partnership of Denair, California, acquired this property via a 1031 Exchange and was represented by John Oushana of HomeSmart.
A 1031 Exchange allows an investor to sell a property, reinvest the proceeds in a new property, and defer all capital gain taxes.
About NAI Horizon
Exceptional global commercial real estate solutions begin with local market leadership and expertise. Established in 1992, NAI Horizon is a full-service commercial real estate company serving Arizona with offices located in Phoenix and Tucson. NAI Horizon is passionate about the commercial real estate business, providing Brokerage and Property Management Services for local, national and international clients. NAI Horizon is a member of the NAI Global commercial real estate network providing real estate solutions to 400 offices worldwide. For more information visit www.naihorizon.com.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global professionals achieve extraordinary results for clients locally and globally through creativity, collaboration and the consistent delivery of exceptional knowledge and service that only market-leading firms can provide.
NAI Global provides a full range of corporate real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more visit: www.naiglobal.com.