CBRE Capital Markets has arranged an $11.5M loan in the sale of a triple-net leased retail property leased to Sports Authority. The 50,714-square-foot property sold for $15.25M.
Geoffrey Harris, with CBRE’s Capital Markets Debt & Structured Finance group in Phoenix, arranged the five-year loan on behalf of the buyer, a private investor based in Florida. Loan terms included a low 2.92 percent interest rate with a 25-year amortization.
“Start to finish, we were able to complete this transaction in just 34 days despite the holidays landing in the middle of closing,” said CBRE’s Harris. “Net leased assets continue to perform well in this market and this deal was especially attractive to the buyer. Sports Authority has eight years remaining on the initial lease term, a quality tenant that should provide a solid return on investment.”
Sports Authority is one of the largest sporting goods retailers in the United States, operating more than 460 stores in 45 U.S. states and Peurto Rico. This particulary property is positioned in a major retail trade area on the southeast corner of 16th Street and Camelback Road that includes over 5.6 million square feet of office and retail amenities. Built in 1997 with renovations completed in 2009, Sports Authority serves as the anchor of the shopping center.