PHOENIX, AZ -- The NAI Horizon team of Senior Vice Presidents Barbara Lloyd and Lane Neville represented the buyer in the $1.545 million sale of Rural Boardwalk, a 12,205- square-foot office building at 4409-4411 S. Rural Rd., in Tempe.
Lloyd and Neville represented Tasker Holdings, LLC. The seller was Telekey III Investments, LLC.
The transaction was a 1031 Exchange, a section of the U.S. Internal Revenue Service Code that allows investors to defer capital gains taxes on any exchange of like-kind properties for business or investment purposes.
“We recently sold another property our client owned and they were looking for an additional investment opportunity to fulfill their 1031 requirement,” said Lloyd, CCIM. “We were able to identify this off-market opportunity for them as a chance to add value to this property through lease-up and take advantage of an ideal Tempe location, surrounded by new multi-family and retail developments.
The property was 74 percent occupied at the time of the sale. Tenants include State Farm, The Vault and Hovland Music.