PHOENIX, ARIZ. (April 27, 2021) – NAI Horizon represented the seller in the $1.65 million disposition of a building in Mesa, Arizona, that formerly housed a long-standing national tile retailer that went out of business.
NAI Horizon Senior Vice President John Filli, SIOR, represented the Peter & Phyllis Eichman Trust of Green Valley, Arizona, in the sale of the former “A World of Tile” building at 2121 S. Power Road, in Mesa.
The +/-14,060 SF asset sits on +/-1.43 acres of commercial land adjacent to a Big O Tire Sales & Service Center to the north that was constructed on +/-.821 acres of land purchased from the Peter & Phyllis Eichman Trust by STR LLC on June 24, 2013.
The former tenant filed bankruptcy and vacated the building prior to it being offered for sale, which resulted in the cancelation of a 10-year lease.
“Having to deal with the impact of the bankruptcy liquidation process, the COVID-19 crisis, and the December 27, 2020, death of Dr. Peter Eichman, made the close of escrow considerably more difficult than anticipated,” Filli said.
The AWOT building is located in one of the most desirable retail trade areas in the Southeast Valley at the NEC of Power Road and Kiowa Avenue. It is adjacent to the former VF Factory Outlet Center and less than one mile south of the Superstition Springs Mall.
The buyer, KFH 2121 Power Road LLC of Phoenix, was represented by Aaron Klusman with Camelback Partners.
“In looking back at the challenges I faced to successfully complete the deal, I am reminded of an inspirational poem that hung on the office wall of golfing great Arnold Palmer,” Filli said. “He read the poem at the start of each day, serving as a source of inspiration, courage and motivation. It started out ‘If you think you are beaten, you are. … If you think you’ll lose, you’ve lost.’ It ends ‘Life’s battles don’t always go to the stronger or faster man, but sooner or later the man who wins is the man who thinks he can.’”
About NAI Horizon
Exceptional global commercial real estate solutions begin with local market leadership and expertise. Established in 1992, NAI Horizon is a full-service commercial real estate company serving Arizona with offices located in Phoenix and Tucson. NAI Horizon is passionate about the commercial real estate business, providing Brokerage and Property Management Services for local, national and international clients. NAI Horizon is a member of the NAI Global commercial real estate network providing real estate solutions to more than 300 offices worldwide. For more information visit www.naihorizon.com.
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Advisory Services, Leasing, Property Management, Property & Note Sales and Tenant Representation
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 300 offices in 43 countries strategically located throughout North America, Latin America and the Caribbean, Europe, Africa and Asia Pacific, with 5,100 local market professionals, managing in excess of 1.1 billion square feet of property and facilities. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions and a gross revenue of $1.5 billion.
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