The single-tenant, NNN investment property sold for $750,000 ($271.05) with a national automotive tenant in place – AAMCO. Located in a fast-growing area of Gilbert, this property was constructed in 2005 with an attractive exterior to match the new and upcoming neighborhood.
Nick Miner, CCIM, Senior Vice President, at ORION Investment Real Estate represented the Seller in this transaction. Miner said, “I have been involved at this intersection since 2003 when I helped the original developer (Tunex) purchase the land from the original developer (Gabel Investments). I sold the property to the seller in 2006 as a net leased investment. Unfortunately, during the downturn the original tenant filed bankruptcy. The tenant, AAMCO, immediately took advantage of the opportunity to lease the property. The Buyer was a related entity to the tenant, AAMCO. They wanted the opportunity to own the real estate instead of leasing it, especially since it was a proven location for them.”
The Seller was Jeffery H. Cranor, represented by ORION. The Buyer, PH Val Vista Williams Field, LLC, was not represented by a broker.