CBRE has completed the sale of a net leased shopping center located at 3264 N. Glassford Hill Road in Prescott Valley, Ariz. Shadow-anchored by a Kohl’s department store, the 8,639-square-foot retail property commanded a sale price of $2.75 million. The property is known as The Shops at Glassford Hill Marketplace.
Joseph Compagno with CBRE’s Phoenix office represented the seller, Prescott Valley Signature Entertainment, L.L.C. of Prescott Valley, Ariz., in the transaction. The buyer, Oceanside, Calif.-based Zynda Family Trust, was represented by Rob Walter of Century 21 Arizona West.
“This shopping center is brand new 2014 construction. Our team brought this property to market prior to any tenants being open for business. We executed on a pre-sale for the developer and sourced an all cash Southern California 1031 exchange investor,” said CBRE’s Compagno. “We took Phoenix pricing to Prescott Valley, Ariz.”
The Shops at Glassford Hill Marketplace consists of five-tenants on triple net leases in a 100 percent occupied building. The property totals 8,639 square feet and sits on 1.02 acres. The building was under construction as the property went to the market for sale and was finished just prior to the close of escrow. The property sits as a pad to a Kohl’s department store. Brand new leases have been signed with Pacific Dental Services, Sally Beauty Supply, Verizon Wireless, Presto Title Loans and Nationwide Vision. The property also benefits from proximity to a new Walmart Supercenter and Fry’s, which both border the property.
Joseph Compagno specializes in the sale of net leased retail investments across the United States. His retail team works on the behalf of both private and institutional owners.