7722 E Gray Road
Scottsdale, AZ
This 40,000 square foot flex building enjoyed a prime location near the Scottsdale airport. However, the building suffered from functional obsolescence with half the building being second floor warehouse space.
Dealing with a highly motivated seller, Urban Capital was able to negotiate seller financing at 90% of cost, which carried a low fixed rate for 10 years and was assumable. Through creative reconfiguration and renovation, the building was substantially leased and sold for a profit. Additionally, Urban Capital provided a wrap around mortgage to the buyer at 75% of his acquisition cost. By doing so, Urban Capital was able to gain 1.5% per annum on the underlying note.