AT A GLANCE
Represented California-based 1031 exchange buyer.
Buyer closed in 45 days from start to finish, with financing.
100% leased, unanchored stript center and shop pads.
No reported store sales for many tenants.
Tertiary location outside of Phoenix, which experienced significant foreclosures, retail vacancies, and other pressures during recession.
Anchored by Goodwill, with no additional regional tenant to provide consumer draw.
Positioned the asset as a rare, recently constructed, 100% leased retail center in Phoenix Metro.
Highlighted sustainability of rents, as many tenants were signed in 2009 during the Great Recession.
Provided buyer with break-up strategy via the sale of Bank of America and McDonald's outparcels by themselves.
6.87% cap rate.