Voit’s Phoenix and Irvine offices directed the sale of the 57,038 square-foot Santan Gateway South retail center in Chandler, Ariz.
Voit increased property’s occupancy from 40 percent to 66 percent prior to sale.
Phoenix, AZ – April 17, 2012 – (RealEstateRama) — Voit Real Estate Services’ Phoenix and Irvine offices have successfully directed the $6.2 million sale of Santan Gateway South on behalf of the seller. The 57,038 square-foot retail shopping center, located at 1305-1445 South Arizona Ave in Chandler, Ariz., is anchored by Sam’s Club and has a mix of national, regional, and local tenants including Starbucks, Subway, and The Mattress Firm, according to Darren Tappen, Senior Vice President in Voit’s Phoenix office.
Tappen worked with Troy Nelson and Scott Nelson of Voit’s Phoenix office, and Pete Beauchamp of Voit’s Irvine office to represent the seller, one of the country’s largest special servicing companies.
“This property was 40 percent occupied when the seller brought the assignment to Voit, and our in-house asset services team put together a thorough lease-up and disposition strategy,” said Tappen. “Our team increased occupancy to 66 percent within a few months of taking on the project, bringing the asset much closer to stabilization. The success we had in increasing the occupancy prior to disposition allowed us to market the asset to a broader range of investors, and ultimately yielded the maximum value for our client.”
The buyer, Eleven Investments LLC, was represented by Matthew Olson of Property Resources Group, LLC.
About Voit Real Estate Services
Voit Real Estate Services is now a 10 office commercial real estate firm that, through its brokerage and asset services professionals working together, provides strategic property solutions tailored to clients’ needs. Combining 40 years of expertise in brokerage, investment advisory, financial analysis, market research, asset management, tenant advisory and property management services, Voit provides clients with forward looking strategies that create value for their assets and portfolios.
Voit is a privately held, debt-free firm that has successfully navigated numerous market cycles since 1971 and currently employs more than 250 people. Voit has owned, developed and managed over 50 million square feet of commercial real estate, participated in $1.4 billion of construction projects and completed over $36 billion in brokerage transaction volume. Further information is available at www.voitco.com.
Jenn Quader/ Judith Brower
Brower, Miller & Cole
JQuader (at) browermillercole (dot) com