Phoenix, AZ – Sperry Commercial, Insignia CRE closes the sale on an office/retail building off Black Canyon Highway.  Senior Associate advisor, Adam Lam and his team represented the seller in the sale.

The property is located at 6050 N. Black Canyon Hwy in Phoenix.  The lot size is .46 acre with a building size of 5,850 SF and sold for a little over $1M.  The seller, Fermin Ramon Fentes with FF Investors, LLC is from Waddell and the buyer, Barbara Howard with TCH Property, LLC is from the north Phoenix area.  The seller leased his property to a granite company that serviced residential real estate development.

The seller stated, “There were a lot of bumps in the road, but Adam Lam made it a smooth transaction to get it closed.” There was a time sensitive matter to get the tenants out of the building in time, so the seller also helped pay for all the heavy machinery, cranes and extra employees to help vacate the tenant on time.

Though it was the first CRE disposition for the seller, FF Investors LLC as residential contractors, they will be pursuing more investments specifically in commercial real estate.

Insignia CRE’s Associate Adam Lam stated, “Trust and relationship with the seller was a key factor in this transaction. We were able to guide and counsel the process while he was out of the country for a successful close.”

In fact, they had multiple offers and Lam was able to get above the asking price for the property due to the amount of interest in the property.

The buyer, Mark and Barbara Howard will be using the property for a pool supply warehouse.  For other available properties, please contact Adam Lam at Sperry Commercial – Insignia CRE at [email protected].

PHOENIX, ARIZ. – The National Apartment Association (NAA) has announced the Arizona Multihousing Association(AMA) as a 2022 NAA Excellence Awards winner.

AMA won the 2022 NAA Excellence Award in the Affiliate of the Year (State/Metro-32) category. NAA’s annual Excellence Awards program recognizes outstanding performance and leadership across the rental housing industry – celebrating builders, industry professionals and affiliated apartment associations that make unique contributions to the industry.

“NAA extends congratulations to Arizona Multihousing Association for being selected as a winner of this year’s NAA Excellence Awards,” said Bob Pinnegar, NAA President and CEO. “Throughout the past year, Arizona Multihousing Association went above and beyond to create a lasting and meaningful impact on our industry. Your award emphasizes our sincere appreciation for all that you do.”

Founded more than 50 years ago, AMA is the statewide trade association for the apartment industry, representing more than 2,300 members in legislative, legal and regulatory matters. The AMA provides services, products, educational programs and networking opportunities to promote ethical, quality rental housing throughout Arizona.

“This honor is a reflection of the resiliency and exemplary collaboration that have come together to define our incredible organization this past year,” said AMA President and CEO Courtney LeVinus. “Our members are the backbone of the apartment industry in Arizona. I’m proud to acknowledge that every one of them shares in this honor.”

Phoenix, AZ – The Village of Oak Creek, Arizona may be unfamiliar to most people, but it is just another name for the community in Sedona, which is located off Slide Rock Rd. Sperry Commercial-Insignia CRE represented the buyer and the seller in the transaction which sold for $4,050,000 at a 5.06% cap rate.

The property is located at 35 Slide Rock Rd., which is off Hwy 179, just south of Castle Rock Rd. The 17,457SF property was built in 1990 and sits on an acre and a half. There are 24 units with 18 one bedroom/1 bath and 6 two bedrooms/1 bath, spread across four buildings. Each unit sold for $168,750. Senior Associate Dana Hearon with Insignia CRE stated, “The transaction started with a cold call. They wanted to get out of the multifamily business and wanted to liquidate their final asset.” The sellers also did not want to market the property, but Hearon had already spoken with a buyer who was specifically looking for commercial real estate investments in Sedona, so everything seemed to fall into place. “Once we worked out the price and terms of the agreement, it was a seamless transaction,” said Hearon.

The seller, American Building Company GP, an out-of-state investor from Montana, wanted to get out of the commercial real estate investment business, while the Scottsdale buyer, Fox 1 Financial owns several multifamily properties in Yavapai County.

For more information Hearon can be reached at (602) 566-7203 or [email protected].