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2/14/20
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Two net-leased retail buildings in the Phoenix area sold in separate deals totaling $5.44 mil. Chris Hollenbeck with Cushman & Wakefield represented the sellers in both transactions.
In the larger deal, a freestanding, 6.6k sf building at 4461 E. Baseline Rd in Gilbert sold for $2.94 mil ($448/sf). The property is located at the corner of Baseline Rd and Greenfield Rd near the US-60 Fwy and is leased to CarLife Auto Repair, a professional automobile care service provider with multiple locations throughout the Greater Phoenix area. Bill Bayless at CBRE represented the buyer, 2033-35 W. Mountain View LLC. The seller was MORCL AZ 02 LLC.
In the other transaction, a 7.3k sf building located at 14297 W. Grand Ave in Surprise was acquired by P&A Investment LLC for $2.5 mil ($342/sf) from SASC Investments LLC. The building was constructed in 2000 and is leased to Wilhelm Automotive, a leader in the automotive aftermarket repair service industry whose parent company, GB Auto Service Inc, currently owns and operates 120 locations throughout the Southwest United States. The property is located adjacent to the US-60 Fwy at a high traffic intersection in northwest Maricopa County.
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