Legacy Capital Advisors recently financed the sale of 2 N. 35th Avenue and 36 N. 35th Avenue in Phoenix, an industrial distribution property. The two buildings are approximately 100,000 SF and were built in 1980.The property was sold to H35 Building LLP, an entity formed by Harvard Investments Inc., a Scottsdale-based real estate investment and development company. This was Harvard Investments first commercial real estate purchase in the Valley . The seller was Lindquist Development Company, Inc., an Oregon Corporation. The sales price was $3,050,000, which equates to $32.48 per square foot.

Securing $2,415,000 in non-recourse bridge financing, the sponsor plans to complete an extensive renovation of the project and lease the vacant building. Steve Grossoehme of Rein & Grossoehme Commercial Real Estate negotiated the transaction. David Krumwiede, Executive Vice President of Lincoln Property Company (LPC), put the deal together with Harvard and LPC will handle leasing and property management.

Facing a firm deadline with the purchase contract, we were able to quickly identify the best financing source and close the acquisition loan in only 24 business days from loan application.” stated Jim Pierson, Principal at Legacy Capital Advisors.