JCPenny

CBRE completes $10.85M sale of JCPenney

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.

POSTED: . TAGS: , , , , , ,
AZRE

About AZRE

Pulling together the multiple facets of the commercial real estate industry in Arizona, AZRE: Arizona Commercial Real Estate Magazine reaches out to the largest local and national commercial real estate audience within the Grand Canyon State and beyond. AZRE covers up-to-date happenings within commercial development, brokerage, construction, investment, finance, architecture, property management, real estate law and more as it relates to Arizona. Additionally, AZRE is an active voice within the commercial industry, partnering with such organizations as NAIOP, ABA, ICSC AZ, AIA AZ and Valley Partnership.

What are your thoughts on this? Give us your comment.

Your email address will not be published. Required fields are marked *


Anti-spam: complete the taskWordPress CAPTCHA