Commercial properties are becoming scarce as more developers and investors are purchasing at record rates. Aside from the limited amount of property available, the due diligence period can take up to three months.

But one company, Arizona Land Consulting (ALC), is providing off-market properties to 1031 exchange buyers by utilizing relationships. Founder Anita Verma-Lallian recently assisted a 1031 exchange buyer in an acquisition of a 36-acre parcel in a Buckeye opportunity zone on Miller and Broadway for $7.1 million.

Within 24 hours of closing, the buyer received multiple offers from multifamily developers on the back portion of the property at a much higher amount than its original purchase price. The buyer plans to utilize the front 16 acres for commercial use and received an offer for a gas station user on the corner.

“The rapid growth of the city isn’t only affecting residential real estate,” says Verma-Lallian. “Phoenix was recognized by the National Association of Realtors as one of the top 10 commercial real estate markets for 2021, so it’s no surprise commercial land is being scooped up within days of listing.”