CBRE has completed the sale of a two-tenant retail center at Casa Grande Shopping Center located at 1314 East Florence Blvd. in Casa Grande, Ariz. The ±45,327 square-foot retail property is home to Dollar Tree and Mor Furniture For Less and is situated on approximately 4.63 acres of land. The retail center commanded a sale price of $4.45 millionm or $98 per square foot.
Andrew K. Fosberg with CBRE’s Phoenix office represented the seller, HH-Casa Grande 2, LLC, an entity formed by Hinkson Company, LLC (Chris Hinkson & James Neal, principals) of Phoenix, Ariz.
“This was a recently remodeled two-tenant retail building within the larger Casa Grande Shopping Center along Florence Blvd., which is the major retail corridor in Casa Grande,” said CBRE’s Fosberg. “The seller recently leased the vacant anchor space to Mor Furniture For Less, which is their first location outside the Phoenix metropolitan area in the Arizona market. The Property sold for a 7.1 percent cap rate to a private investor from California completing a 1031 Exchange.”
The Property benefits from its excellent location within the recently remodeled Big Lots/OfficeMax/Pet Club/Big 5 Sporting Goods anchored Casa Grande Shopping Center as well as from a new Dunkin Donuts that just opened directly in front of Dollar Tree, providing significant daily traffic to the western portion of the shopping center.
Adrian Van Rijs of Capitol Realty represented the buyer, Amir Fateh Amirian.