Owner-occupied office building sells for $700,000 in Phoenix

Garden-style office building at 2880 E. Indian School Rd. sells for $700,000.(Submitted photo)

An owner-occupied property, off 28th Street and Northern Avenue, four miles from Paradise Valley Mall, sold for $702,700 to MMA & M Enterprises LLC.

Although SVN Desert Commercial Advisors closed more than a dozen properties between Glendale and Northern roads, during past years, with SR-51 and I-17 freeways located near these populated areas, the market for street view locations has its advantages, according to a press release.

The seller, Horizon Insurance Group, Inc. was represented by SVN advisors, Jonathan Levy and Justin Horwitz. The buyer was represented by Greg Thielen and John Asher of AT Real Estate Services, the release noted.

The garden-style office building is located 2880 E. Northern Ave., off the frontage road on the west side of SR-51 freeway, south of 32nd street. The property consists of a free-standing 5,517 square-foot office building with a courtyard garden in the center.

The buyer MMA& M Enterprises, LLC will occupy the building. The transaction was structured on a short term leaseback with the seller until the end of January 2018, detailed the release.

“This was a great opportunity for the new buyer to own and occupy a quality building in a strong Phoenix submarket,” said Jonathan Levy in a prepared statement.

The area is said to have a strong demographic to the Phoenix metro area, SVN added, “the seller will be able to utilize the sale proceeds for their own relocations efforts in an area which best suits their business and demographics.”

 

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