Commercial Transactions

Sat, 03/12/2011 - 00:00 -- Jeff

Phoenix - An investment group formed by West Valley Properties Inc. in Los Altos, Calif. (Jon Rayden, et al., principals) paid $2.45 million ($316.33 per foot) to purchase a 7,745-square-foot retail building located at 4550 E. Bell Road in Phoenix. The seller was a company formed by Randy Stolworthy of RRS & Co. in Tempe. The sale was brokered by Chad Tiedeman, David Merisko, Lance Umble and Tim Gunnink of Phoenix Commercial Advisors in Phoenix. The property, within the 45th Place office-retail project was fully occupied at closing. The nine-building, 104,210-square-foot complex, was developed by RRS & Co. The project is sold out. Over the years, BREW has reported West Valley Properties buying numerous retail properties in the Phoenix area. The company is looking for additional real estate investment opportunities in the Valley . . . that includes retail as well as office projects.