Nelson Bros. buys retail center for TIC investors
2008-07-19 14:25:24 (GMT) (Caymanmama.com - Real Estate News News)Sacramento, California (CaymanMama.com) — Nelson Brothers Professional Real Estate, a southern California real estate investment company, has made the closure of their foremost TIC (Tenant-In-Common) deal with the Palm Valley La Piazza Retail Center official. It was bought for almost $6.8 million. The 30,500 sq ft property on 4.88 acres land is situated in Goodyear, Arizona was constructed in 2004 and came in agreement in August 2007. The property is now 100% occupied by thirteen tenants on the NNN lease.
Situated in the center of a retail corridor in the sky-scraping developing area of West Phoenix, the present rents are forty to fifty percent less than the nearby office and retail comparables.
Patrick Nelson, the firm’s co-founder and principal, sees this as the competitive and viable gain for the local dealers given the slower financial system and also stated that there have been queries from other potential lessees who might be interested in leasing space at property.
In addition, Goodyear and its nearby area is the fourth fastest developing suburb in the United States and has seem population growth of 143% since 2000 plus approximately 41,000 new residents projected in a five mile radius by 2012. Additionally, there is an new mall under construction of more than 1.3 million sq ft, which will be situated along the street from the middle with grand wave dealers that will enhance the market value even more.
The first funding was offered via Suncor Development Company as a lender and developer for the real estate, and executed a carry back mortgage for the outstanding equity for almost 24 months. Nelson further added that they were able to close the proposal in an appropriate manner, even in the limitations of the monetarily challenged real estate market.
The Nelson Bros. introduced their company in 2007 with emphasis on the financing, acquisition and possession of offices, multi family homes and retail properties for the TIC investments all through the west as well as southwestern United States. As a section of 1031 exchange process, the TIC investment has earned fame in the past few years with the property owners looking for passive management and rescheduled fiscal gains taxes on the sales of their investment property.
CaymanMama.com - Press Release Distribution Service
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