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Real Estate
Cushman & Wakefield lead Scottsdale, Peoria property sales
Posted
Independent Newsmedia
Cushman & Wakefield has brokered the sale of two investment properties in Arizona — one in Scottsdale, the other in Peoria.
The assets were both constructed in 2020 and are fully leased to Black Rock Coffee Bar and AutoZone, each with new long-term leases in place, according to a press release.
Cushman & Wakefield’s Chris Hollenbeck represented the sellers in the pair of transactions.
The Black Rock Coffee Bar transaction consisted of an absolute triple-net leased property with a new 1,877-square-foot drive-thru pad building on less than an acre that sold for $2.26 million.
The property is at 10683 N. 116th St. in Scottsdale, providing high visibility on Shea Boulevard, the press release stated. The location is anchored by a major fitness brand.
The buyer was an out-of-state investor, MCR Par LLC, based in Carlsbad, California. The seller was 116th Scottsdale AZ LLC of Terry Haute, Indiana.
The AutoZone transaction consisted of the absolute NNN ground lease sale of a more than one-acre parcel featuring a brand new 7,404-square-foot store that sold for $1.26 million.
Located at 23335 N. Lake Pleasant Parkway in the Peoria, the location provides visibility on the corner of Lake Pleasant Parkway and Pinnacle Peak Road. It is also across from a regional power center.
The buyer was an out-of-state private investor based in Durham, North Carolina. The seller was locally Phoenix-based 3603 Campbell LLC.