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9/21/20
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A Florida-based 1031 exchange, private investor picked up a 6.1k sf, single-tenant auto care retail property occupied by Bridgestone in Surprise, AZ in a $3.6 mil off-market transaction. The tenant recently moved into the newly constructed asset, located at 13475 N. Litchfield Rd, and signed a 15-year NNN lease.
Located on a highly visible busy retail corridor with frontage on Litchfield Rd and near W. Waddell Rd, the property is an outparcel to Surprise Crossing Shopping Center. Surprise is a suburban city with a growing population of 142,000 is located in the northwest Phoenix Metropolitan area. The city is just 45 minutes from downtown Phoenix and the Sky Harbor International Airport.
Britt Raymond and Kyle Fant with SRS National Net Lease Group represented the seller, a North Carolina-based developer. Jon Florin, also with SRS, repped the buyer in the deal. The closing cap rate was 5.08%.
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