CBRE has completed the sale of The Shops in Downtown Prescott, a multi-tenant retail building, located at the southwest corner of Montezuma Street and Willis Street in Prescott, Ariz. The 4,446 square-foot retail property was completely renovated in 2016 and is fully leased to two excellent tenants on long-term NNN leases. The property commanded a sale price of $1.475 million.
The building is 100 percent leased to Sprint and Rosati’s Pizza.
“The Shops in Downtown Prescott is an excellent example of a transit-oriented, urban infill retail redevelopment in the heart of downtown Prescott, one of Arizona’s most historic trade areas,” said Fosberg. “The owner recently completed the rehabilitation of the two-tenant retail building, which delivered 100% pre-leased. The building commanded an impressive per square foot price of $331.”
The property and its tenants benefit from excellent visibility and signage along Montezuma Street (State Highway 89) as well as from its proximity to the City of Prescott’s infamous Downtown Square and Whiskey Row. The Shops in Downtown Prescott’s complementary tenancy generates a high volume of consumer traffic and income, which is strengthened by its urban trade area with significant daytime population and tourism spend.
The buyer, Robert Trulik, was represented by Elliot Schwartz of KW Commercial Santa Monica.