Phoenix, Arizona – January 12, 2018 – Investment opportunities come in all forms but for this local investor, the Glendale Automotive Center is now his most recently acquired real estate investment. SVNDesert Commercial Advisors, Eddie Gonzalez and Director of Retail Leasing & Sale Investments, Rommie Mojahed recently sold the 23,927 square foot property to a local investor, Ludmela Shehter with A.G.A. Property Management, LLC.
Advisor Eddie Gonzalez spear-headed the sale listing and eventually sold the property for $2,250,000 that closed with a final 7% Cap Rate. “This deal took a great deal of manpower and teamwork,” said Gonzalez. National tenants AAMCO, MAACO, and Meinke just renewed their leases so the investment property was a solid deal. The property is located is 7105 N. 51st Ave. in Glendale. Gonzalez also stated, “We helped managed three lease renewals while going through the five-month escrow process.” The seller was an expert in automotive real estate ownership. Seller Junaib Rizvi with Global Business Management LLC in Phoenix owned 19 gas stations in Washington State prior to moving to Arizona in 2015.
Rizvi said, “This was my first of many transactions I will have with Eddie and Rommie. They went above and beyond to help close my automotive center.” Mojahed has sold approximately $400M in commercial real estate with SVN over the last ten years. Gonzalez worked closely with the seller who is a high volume investor who loves finding a way to stabilize then sell his commercial properties.