Cushman & Wakefield Negotiates Sale of Freestanding Retail Building
PHOENIX, Feb. 14, 2018 – Cushman & Wakefield completed the sale of T-Mobile, located at 4314 W. McDowell Road in Phoenix. Phoenix-based Sepmar LLC purchased the property from TK MCR LLC of Phoenix for $1.85 million.
Cushman & Wakefield Senior Director Chris Hollenbeck represented the seller.
The 3,000-square-foot property was newly constructed in 2017 and is 100% leased to T-Mobile. Located on the highly visible intersection of 43rd Avenue and McDowell, the freestanding retail building is on a brand new 10 year lease with rent scheduled to commence in March 2018.
“This was a brand new build-to-suit with a corporate T-Mobile tenant. We were able to help the seller maximize value by finding an all cash, 1031 exchange buyer,” says Chis Hollenbeck.
Based in Bellevue, Wash., T-Mobile operates through its subsidiaries and its flagship brands, T-Mobile and MetroPCS. As of December 2016, there are approximately 2,000 retail locations under the T-Mobile and MetroPCS brands.