Phoenix, Ariz. – Commercial Properties, Inc./CORFAC International (CPI), Arizona’s largest locally owned commercial real estate brokerage, is pleased to announce the sale of 9015 W. Union Hills in Peoria. Comprised of 8,767 SF of retail and office spaces, the property sold for $2,000,000 ($228.12 PSF) and consists of strong regional, national franchise and local operators.
CPI’s Tom Semancik and Kyle Davis represented the Seller, Peoria Retail Partners, LLC managed out of Silicon Valley. The Buyer was out of California and was represented by Century 21 Discovery. Semancik and Davis were engaged to lease up the property in September 2017 in preparation of selling and taking advantage of the strong seller’s market conditions. The center was 55% occupied at the time with two units having been vacant for multiple years. CPI brokered leases with Pioneer Title Agency (the largest/principal tenant in the building) and Liberty Tax Franchisee, bringing the building to 100% occupancy.
“Investor confidence in Arizona’s continued growth and its opportunity to provide value favorable to other western states continues to be strong,” states Davis. “The property was strategically leased up with service-oriented, e-commerce threat-resistant businesses. Attaining 100% occupancy with those key retail/office tenants really demonstrates the strength of the local market,” states Semancik. Escrow was opened August 29th with a 25 day escrow period and closed September 17th at a 7.1% cap rate.
About Commercial Properties Inc./CORFAC International
CPI is a CORFAC International affiliate, full-service Brokerage and Property Management firm for all product types. Headquartered in Tempe, the company has more than 50 brokers and occupies two offices locally. Currently, CPI’s listings include over 20 million square feet for sale/lease, and 197 projects under property management, totaling over 11.6 million square feet. Please visit our website at www.cpiaz.com.
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