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9/14/12
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A single-tenant, retail property NNN leased to Wells Fargo Bank in Phoenix, AZ sold for $9.15 mil. The transaction works out to $2,231/sf, the highest PPSF for a bank-occupied property in 2012 nationwide. It also set a new national sales record for a bank-occupied property with the lowest closing cap rate in 2012 of 4.17 percent. Both records are according to CoStar.
Built in 2008, the property totals 4.1k sf in size and is situated on 43k sf of land. It is located at 3102 E. Camelback Rd, at the corner of 32nd and Camelback Rd, next to the Biltmore Hotel in the heart of the financial corridor of Phoenix/Scottsdale.
Jereme Snyder and Eric Carlton of Colliers International represented the seller, Phoenix-based TradeCor LLC. Andrew Greenberg of ERG Property Advisors repped the buyer, 8155th Ave LLC from New York, NY.
“The property is a single-tenant corporate ground lease with Wells Fargo Bank that has more than 16 years remaining on the lease and 3 percent annual increases in rent,” said Snyder. “We were able to garner four offers with a sub-4.5 percent cap rate and underwent a challenging 60-day negotiation process with the buyer, who saw the intrinsic value of the property with the ideal combination of a trophy location, strong tenant, and quality, new construction building.”
Carlton added, ”Single-tenant investments in the growing Phoenix area as well as other key markets within the country are highly sought after, as even a low cap rate in the 4 percent range is appealing and provides a stable investment year over year in an uncertain economic environment.”
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