CBRE has completed the sale of two single-tenant, net-leased Goodwill retailers located at 6161 West Bell Road in Glendale and 2933 South 99th Avenue in Tolleson, Ariz.
The portfolio sale commanded a price of $12.3 million and included an additional parcel of land (totaling 27,473 sq. ft.) located adjacent to the Tolleson Goodwill.
Joseph R. Compagno, Barry Gabel and Chris Marchildon with CBRE’s Phoenix office represented the sellers; Phoenix, Ariz. based M-CountryCorners 1, LLC, M-CountryCorners 2, LLC, M-GlendaleX No. 1, LLC and the buyer; Yorktown Corporation, an Arizona corporation.
“We sold Yorktown’s 105,000 SF single tenant JCPenney on Ray Road a few months ago. We identified this Goodwill portfolio as an excellent 1031 exchange opportunity. The buyer placed a great new life insurance loan on the portfolio through Geoff Harris in CBRE’s Debt & Structured Finance group in Phoenix,” said Compagno. “The escrow closed in 50 days with new financing. It was a very smooth and efficient transaction for both parties.”