Phoenix Commercial Advisors closes on two Vistancia properties
Phoenix Commercial Advisors closed on two properties at the main gateway of the Vistancia master-planned community in Peoria, Ariz.
Vistancia Safeway Shops, located on 1.70 acres on the northeast corner of El Mirage Road and Vistancia Boulevard at 28421 & 28465 N. Vistancia Boulevard, sold for $3,146,000, or $266.50 per square foot, on April 24. The 11,805-square-foot shops closed at 100 percent of the asking price. A mix of local and national tenants, including Allstate, Leslie’s, Great Clips, Stevie’s New York Style Pizza, Coats & Tails and Cleaners at Vistancia, composed the shops.
Across the street, on the northwest corner of El Mirage Road and Vistancia Boulevard at 28570 & 28620 N. El Mirage Road, Shops at Vistancia closed on May 1 for $5,150,000. Sitting on 2.63 acres and totaling 22,628 square feet, the shops sold for $227.59 per square foot at 101 percent of the asking price. The two buildings were 100 percent leased to the following internet-resistant tenants: Big Dreams Preschool, Neighborhood Beauty Boutique, Animal Hospital, Zona Communications, Vistancia Land Holdings, 1st Computer Solutions, Dental Care at Vistancia and Shea Homes.
Chad Tiedeman at Phoenix Commercial Advisors represented the seller, PWREO Vistancia, LLC, in both transactions. These sales are two of 30 retail investment property sales for the Phoenix Commercial Advisors’ Investment Team in the past year.
CBRE completes sale of a Wendy’s ground lease
CBRE has completed the sale of a brand new single-tenant Wendy’s ground lease, which is a pad to the new Fry’s Marketplace at Old West Marketplace in Apache Junction, Ariz. The property is located at the northeast corner of East Old West Highway and South Idaho Road, and sold for $1.78 million ($680 per square foot) with a new 20-year, absolute triple net lease.
Joseph R. Compagno with CBRE’s Phoenix office represented the seller, Barclay Holdings LXVII, LLC; an affiliate of Arizona-based Barclay Group. Priscilla Kim of GMC Realty Advisors represented the buyer, California-based C & S Lee Properties, LLC.
“There is continued high demand for brand new, single-tenant investment properties, “said CBRE’s Compagno. “For this particular transaction, we had multiple all cash, list price 4.5% cap rate offers from California buyers. This demonstrates our ability to source quality buyers and obtain record low cap rates.”
Marcus & Millichap sells Starbucks in Phoenix
Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Starbucks Shops, a 12,399-square foot retail property located in Phoenix, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $3,700,000.
Mark Ruble, Jamie Medress, and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was secured and represented by Ruble, Medress and Lind.
Starbucks Shops is located at 2755 N 91st Ave in Phoenix, AZ.
Marcus & Millichap sells Chase in Goodyear
Marcus & Millichap also announced the sale of Chase Bank, a 4,214-square foot net-leased property located in Goodyear, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $4,950,000.
Jamie and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
Chase Bank is located at 9846 S Estrella Pkwy in Goodyear, AZ.