Full Service Auto Center Sells for $505K as a Buyer Investment

A multi-tenant automotive commerce center sells for $505,000 to a buyer, Phoenix Residential Associates, LLC. as an investment property. Michael Gaida and Michael Franks with Sperry Van Ness, LLC in Phoenix represented the seller, Di Verde Realty in Peoria, Ariz.

The seller is a licensed Real Estate agent specializing in home sales. The automotive service building is his investment property and he wanted a commercial broker to represent this transaction. He saw our Sperry Van Ness sign on a retail building down the street and called us to inquire about listing his property.

As the deal continued to wheel and deal, Gaida stated, “We had steady activity on the property with several “low-ball” offers over nine months, but the seller held fast on his price and we were finally able to find the right investor who saw the value of this automotive property.”

Even though the seller is a licensed real estate agent with a CCIM designation, he wanted a team of commercial specialists to handle the marketing and sale of his investment property. The final transaction was handled by Vicki Etherton with Lankmark Title.

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