CBRE has completed the sale of a single-tenant, JCPenney located in the Ahwatukee Foothills, on East Ray Road and the I-10 freeway.
Joseph R. Compagno with CBRE’s Phoenix office represented the seller, Yorktown Corporation of Santa Cruz, Calif., and the buyer, GRT Ray JCP, LLC of Santa Monica, Calif. The 104,880-square-foot retail property commanded a sale price of $10.85 million ($103.45 per square foot) with a 6.84 percent cap rate.
“The JCPenney had three and a half years remaining on the lease at the time of sale. We represented a very high net-worth, private family 1031 exchange investor based out of Santa Monica who paid all cash for the property,” said Compagno. “The buyer was very attracted to the real estate due to its excellent location and the fact that they will be amongst some of the top institutional retail owners in the country who also own in the Ray Road corridor.”
JCPenney is located within the community of Ahwatukee, one of 15 designated urban villages within the city of Phoenix. This area boasts one of the metro’s top-rated school systems, four lush golf courses, numerous shopping districts, an abundance of fine restaurants and parks, including South Mountain Park, one of the largest urban parks in North America.