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$5M+ Deal – $7.4M hotel in Tempe

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Below is the deal that closed Monday, March 16, 2015, in Maricopa County over $5 million according to the Maricopa County Recorder. The Rose Law Group Reporter has not independently verified this transaction.

$7.4 million ($108/SF) sale of the $68,753 square-foot Best Western Plus Tempe by the Mall near W. Baseline Road and S. Priest Drive (5300 S. Priest Drive), in Tempe, by Baseline Group LC, an entity formed by Alan R. Payne.

The buyer was Gurkirpa Hotel Group LLC (Surinder Pal Singh, manager), an entity based in Phoenix.

The buyer purchased the property with a conventional loan and a $2.59 million down payment.

The hotel, which was built in 1986, sits on three parcels covering 3.4 acres near Interstate 10, and offers more than 150 rooms, according to the Best Western website.

The property is zoned C-2.

To view the affidavit, click here.


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