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December 12, 2019
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TEXAS/SOUTHWEST NEWS
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SimonCRE Generates Over $6 Mil from Sales of Two AZ Retail Assets

6/07/19

Two Phoenix retail properties totaling 19.6k sf were sold in separate deals with a combined value of $6.155 mil ($314/sf). The properties, which were 100% occupied at time of sale, were sold by SimonCRE.

One of the properties is a multi-tenant building located at 1928 W. Buckeye Rd and occupied by O’Reilly Auto Parts and Rent-A-Center. Totaling 14.5k sf, the property was purchased by Gilles R. Roy and Angele Roy for $3 mil ($.207/sf). SimonCRE purchased the property in October 2017 and signed O’Reilly Auto Parts to a 15-year lease. Redevelopment was completed in November 2018.

The second property is The Pet Club, located at 3545 E. Indian School Rd. Totaling 5.1k sf, the property was purchased by Oak Sapling Partners LLC for $3.2 mil ($627/sf). SimonCRE acquired the asset in June 2017 and signed The Pet Club to a new 15-year lease.

Chris Hollenbeck of Cushman & Wakefield represented the seller in these deals.





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