Phoenix, AZ (April 16, 2012) –Voit Real Estate Services’ Phoenix and Irvine offices have successfully directed the $6.2 million sale of Santan Gateway South (top left photo) on behalf of the seller.
The 57,038 square-foot retail shopping center, located at 1305-1445 South Arizona Ave in Chandler, Ariz., is anchored by Sam’s Club and has a mix of national, regional, and local tenants including Starbucks, Subway, and The Mattress Firm, according to Darren Tappen (lower left photo), Senior Vice President in Voit’s Phoenix office.
Tappen worked with Troy Nelson and Scott Nelson of Voit’s Phoenix office, and Pete Beauchamp of Voit’s Irvine office to represent the seller, one of the country’s largest special servicing companies.
“This property was 40 percent occupied when the seller brought the assignment to Voit, and our in-house asset services team put together a thorough lease-up and disposition strategy,” said Tappen.
“Our team increased occupancy to 66 percent within a few months of taking on the project, bringing the asset much closer to stabilization. The success we had in increasing the occupancy prior to disposition allowed us to market the asset to a broader range of investors, and ultimately yielded the maximum value for our client.”
The buyer, Eleven Investments LLC, was represented by Matthew Olson of Property Resources Group, LLC.
Contact:
Jenn Quader/ Judith Brower
Brower, Miller & Cole
(949) 955-7940
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