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4/19/21
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Phoenix-based Samuel & Company Inc acquired a freestanding, net-leased industrial/retail/automotive building in Phoenix in a $7.4 mil transaction. Located at 241 W Osborn Rd, the property has been fully leased to a national tire and automotive services brand for more than 50 years.
The property is located adjacent to Park Central, Arizona’s first original Mall, and which is undergoing a renaissance period of redevelopment as a Class A mixed-use project. It also resides in a highly dense trade area with strong income demographics.
Chris Hollenbeck and Shane Carter with Cushman & Wakefield in Phoenix represented the seller, Tucson-based HPPC LLC, in the transaction.
“This is an irreplaceable trophy asset in a superior Midtown Phoenix location,” said Hollenbeck. “The property is fully leased to a corporate credit tenant that has occupied the property for several decades, and recently extending its lease term for many more years indicates its commitment and provides the buyer with expected stable, long-term income.”
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