Earnhardt assembles site at 7th Street and Camelback Road for Lexus Dealership
Cassidy Turley announced the sale of a 4,800 SF freestanding retail building at 810 and 812 East Camelback in Phoenix’s Camelback Corridor.
Valley-based Abbott Properties LLC, an entity of Earnhardt Auto Centers, purchased the property for $1.8 million ($375.00/psf) from Whitefield Family Trust. Cassidy Turley Vice President Brent Mallonee and Associate Vice President Ryan Leavitt negotiated the transaction on behalf of the seller, while Michael Lieb of Michael A. Lieb Ltd. represented the buyer.
The sale is part of a multi-property assemblage comprised of sites ranging from a $2.5 million sale of almost three acres to a $271,215 deal for an office condominium. The mix of properties included a former mobile home park, restaurants, retail shops and a 12-suite office condominium project that had 10 owners.
“We are continuing to see an influx of infill property redevelopment and assemblage deals along the Phoenix Camelback corridor,” said Mr Leavitt. “We expect continued strong demand and momentum from investors and end-users in the Camelback corridor.”
Earnhardt Auto Centers plans to use the property to relocate its North Scottsdale Lexus Dealership. The new, relocated dealership is slated to open in 2016 provided zoning is approved.