Real-estate investors Marty De Rito and Iver Bowden of De Rito Partners have paid cash for a vacant restaurant in Fulton Ranch Towne Center on the southwestern corner of Ocotillo Road and Arizona Avenue.
They paid $966,000 or $152.80 per square foot for the building formerly occupied by Michael's Pasta & Steakhouse. The structure covers 6,322 square feet.
Negotiations are under way with prospective tenants, Bowden said.
Pacific Western Bank of San Diego, which had foreclosed, was represented by Cassidy Turley BRE Commercial in Phoenix. Brokers there who worked on the deal are Chris Hollenbeck, John Appelbe, Paul Boyle, Rick Danis and Cliff Johnston.
The buyers were represented by Lane Neville of Integra Property Adivsors of Scottsdale.
by Luci Scott - Jul. 20, 2010 09:42 AM
The Arizona Republic
