Colliers International in Greater Phoenix recently completed the investment sale of a 60,080-square-foot retail space in Peoria for $3.67 million, or $61.12 per square foot.
JGNK Investments Arizona LLC, of Santa Ana, Calif., purchased the property at 7575 W. Cactus Road from 75 Cactus LLC, of Phoenix.
Marcus Muirhead, associate vice president, and Lauren Rodes, associate, both of Colliers International, represented the seller. Vicky Papoulias with Geovest Corporation of Santa Ana represented the buyer.
“The seller presented a good investment opportunity, having negotiated a new 20-year lease with the occupant, Lee Lee Oriental Supermarket, about a year ago,” said Rodes.
The class-B building was constructed in 2002 and is situated on 5.39 acres at the southwest corner of Cactus and North 75th Street.
“This sale brought multiple offers from several qualified and interested parties,” said Muirhead. “The buyer was selected because of a cash offer and opportunity for a quick closing,” he added.