Image from azbigmedia.com |
The location where The Landmark Restaurant was at the corner of Main Street && Extension sold for just under $1 million. Going past that on light rail the other day the property appears unkempt with a broken window . . .
The contentious property transfer of Mesa Royale Mobile Home Park was done with a 42% reduction in the sales price of $4.2 million originally asked for by LRA Associates.
Today it was reported in AZ Big Media that Excel Real Estates, Zong-fu Li, principal, paid $3,800,000 ($41,304 per unit) to buy the 92-unit Warren Park apartments located 1433 W. University Dr. in Mesa, Arizona. Wyoming Blvd - one block north of the LRT route.
Other than low negotiated sales prices, one of the things in common with these two [and other] transactions is that the sellers are family trusts.
In the case of Mesa Royale property on west Main Street - directly on the light rail route - it was the Gene Ham Family Trust.
The seller of Warren Park Apartments shown in the image above was The Frank and Joanne Warren Trust, c/o Warren Properties of Rancho Santa Fe, California. [they obviously retired well]
The deal was brokered through Bill Hahn, Jeff Sherman and Trevor Koskovich (HSK) of Colliers International in Phoenix.
Maricopa County records show the buyer acquired the property with a new loan issued by Opus Bank. The financing was arranged by Brandon Harrington and Matt Steffen of Walker & Dunlop of Phoenix. The complex was built in 1977.
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