AquaSafe swim school in Scottsdale involved in second sale/leaseback deal for $2.1M

Phoenix, Arizona – The long-time family-owned and operated swim school in Scottsdale, Arizona closes on their second sale/leaseback transaction. The owners sold their property for $2,143,000 ($245 PSF) but will remain at the property with a long-term lease agreement with the new owner.

This is also the second transaction for the Director of Retail Leasing & Sales Investments, Rommie Mojahed and Associate advisor, Lindsey Dulle with SVN in Phoenix. The seller, Thomas Spivey with Spivey Real Estate, LLC saw this as an opportunity to sell both properties in Gilbert and Scottsdale, while keeping the popular swim school open for business. Mojahed and Dulle played an instrumental role in negotiating the leaseback terms between both the seller and the new buyer, Marshall Fried with West End Hotel, LLC from Los Angeles, California. Bob Broyles with Colliers International represented the buyer.

The 8,760-square-foot swim school is located at 9830 E. Bahia Drive in Scottsdale, AZ.

Mojahed stated, “The buyer and sellers were great to work with. It is not often that tenant gets to write their own lease and pick their landlord. It felt great to see it all come together for both.” The buyer came in with a 1031 exchange which made it easy for the seller who felt it was the right time to sell because of the current market. The buyer who is looking to invest more in Arizona commercial real estate recently purchased other property in the nearby area as well.

“We couldn’t be happier to help our client maximize the value of the property,” said Mojahed.

For more information regarding other property in the valley, please contact him at rommie.mojahed@svn.com.