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6/04/20
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Here’s a recent AZ retail sales comp, as a CA-based investor paid $11.7 mil for The Collective Sedona, a 52.5k sf ($223/sf) shopping center in Sedona. The property, located at 7000 AZ-179, was 84% occupied upon closing and features a unique and colorful architectural design across six buildings.
Built in 2000 and 2003, The Collective Sedona is situated on 6.16 acres. It is occupied by a number of tenants including Hilton Resorts, AmTrust Bank, Bay Equity Home Loans, Cucina Rustica and Snap Fitness. The property is adjacent to the Hilton Sedona Resort & Spa and is near the Sedona Golf Resort directly to the south.
Sean Thomas with SRS’ National Net Lease Group represented the seller, an Arizona-based private investor. The buyer was repped by Jim Ashcraft of Ashcraft Investment Company Inc. The closing cap rate was 7.3%.
“This highly visible, turnkey asset provides an upside to the new ownership by leasing up the vacant space,” said Thomas. “Additionally, The Collective at Sedona is well-located in an affluent, high barrier to entry market with more than three million annual visitors.”
Thomas added that the property has been a strong performer over the years and provides a hedge against ecommerce competition with a total of eight restaurant tenants as well other daily needs retailers.
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