Phoenix, AZ – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has brokered the $2.83-million sale of a fully occupied, single-tenant, 21,783-square-foot retail building in Prescott Valley, AZ.
Bret Isbell, a Senior Vice President in Avison Young’s Phoenix office, represented the seller, an entity of the tenant, Mattress & Furniture Gallery. The buyer, Bell 40, LLC was represented in-house. The closing cap rate was 8.47%.
“Mattress & Furniture Gallery has been a long-term occupant and has experienced strong sales at this highly visible location,” comments Isbell. “The tenant signed a lease for the asset upon close of escrow, and looks forward to continued growth and success in the vibrant Prescott Valley.”
Built in 2000 and situated on 1.14 acres, the building is located at 6669 E. 1st Street and includes 70 parking spaces. It is adjacent to a Highway 69 on/off-ramp and is also visible from the highway through Prescott Valley.
Billie Johnson and Judy Sorensen at Lawyers Title were also critical players in completing the transaction over a tight timeframe.