CBRE, Group Inc., has completed the sale of The Shops at El Caro, a multi-tenant retail building, located at the northeast corner of Northern Avenue and 21st Avenue in Phoenix, Ariz. The 6,142 square-foot retail property features a drive-thru and is fully leased to three excellent tenants on 10 year NNN leases. The Property commanded a sale price of $3.4 million.
The building is 100 percent leased to: Einstein Bagels/Caribou Coffee, Lady Jane’s Haircuts for Men and The Buffalo Spot.
“The Shops at El Caro is an excellent example of a brand new, transit-oriented, infill retail development in the heart of the Phoenix metropolitan area. SimonCRE recently completed the new freestanding retail building, which delivered 100% pre-leased.” Said Fosberg. “The shops building commanded an impressive per square foot price of $553.”
The property and its tenants benefit from excellent visibility and signage along Northern Avenue as well as from its location in front of the LA Fitness anchored El Caro Shopping Center.
The buyer, Case De Verano, LLC, was represented by Stan Chu of American Realty & Investment.