On behalf of their client, SW Loan II L.P., Capital Asset Management announced the successful $3.65 million sale of a luxury spa building in the heart of the P83 Entertainment District today, a 29,222-square-foot Class A retail property in Peoria, Ariz. to Arrowhead Equities LLC., a Phoenix-based commercial real estate investment company.
Glenwood Development Company LLC. Arrowhead Equities LLC. purchased the property from SW Loan II L.P., who had acquired the asset as a part of a portfolio. Built in 2007, the property consists of a three-story luxury salon set on .6 acres situated in the center of the popular P83 entertainment district and next to the Seattle Mariners spring training facility.
Capital Asset Management’s team, including Scott Smith, Jason Hersker, Stephen Herman, and Rachael Cisco, explored several conversion options for the retail building located at 83rd Ave and Bell Road and ultimately found a best use as a higher education facility and the buyer secured a tenant that fit that use.
According to Smith, designated broker for the full-service real estate firm, “The repurposing seemed the right direction for the property, the City of Peoria, and the buyer and seller. Our team is known for their ability to work with complex assets and create value. It was a win-win for everyone.”
“Scott Smith and Capital Asset Management continue to deliver positive results for our company. We are grateful for our association with Scott, and respect his ability to produce attractive opportunities,” said Bob Klepinger, Glenwood Development Company LLC.