Trophy Midtown asset fully leased to long-time automotive tenant
Cushman & Wakefield announced today the firm has brokered the net leased sale of a freestanding industrial/retail/automotive building in Phoenix, Arizona. Located at 241 W Osborn Rd, the property has been fully leased to a national tire and automotive services brand for more than 50 years and sold for approximately $7.4 million. The buyer was Phoenix-based Samuel & Company, Inc. and the seller was Tucson-based HPPC, LLC.
Chris Hollenbeck and Shane Carter with Cushman & Wakefield in Phoenix represented the seller in the transaction.
“This is an irreplaceable trophy asset in a superior Midtown Phoenix location,” said Chris Hollenbeck. “The property is fully leased to a corporate credit tenant that has occupied the property for several decades, and recently extending its lease term for many more years indicates its commitment and provides the buyer with expected stable, long-term income.”
The property is located adjacent to Park Central, Arizona’s ﬁrst original Mall, and which is undergoing a renaissance period of redevelopment as a Class A mixed-use project. It also resides in a highly dense trade area with strong income demographics.