Office team advisors, Justin Horwitz and Jonathan Levy recently sold Arrowhead Tech Center for $510,000.000 to James Rizzo of Prescott, AZ. The SVN advisors in the transaction represented the sale of three lease suites at 17437 N. 71st Drive in Glendale, Ariz.
The buyer, Rizzo was represented by Skylar Bennett of Menlo Group Commercial Real Estate. Rizzo was able to acquire this property in a swift cash transaction just before the property was scheduled to be auctioned at a Trustee sale. The new buyer plans to hold the property as an income producing investment property. The seller, Michael P.McConnell/Jeri-Lynne Jones Trust was represented by the Desert Commercial Advisors. Kristin Guadagno with Lawyers Title National Commercial Services handled the transaction in the deal.
Associate advisor, Levy said, “The sale of Arrowhead Tech is a great investment opportunity for the buyer, while also allowing the seller to avoid foreclosure on the property.” The advisors on both sides of the deal worked extremely hard and quickly to secure the deal within such a short time frame. Due to a looming Trustee sale and the necessity to close quickly, both brokerages were able to work quick enough to close the deal in six days.