NAI Horizon represents seller in negotiating $2.195M sale of Sun City office building
PHOENIX, ARIZONA – 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 ($120 PSF) disposition.
The office building totals 18,258–square-feet 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.