O’Reilly Auto Parts/Rent-A-Center and The Pet Club properties sell for a combined $6.155 million
PHOENIX, June 5, 2019 – On behalf of SimonCRE, Cushman & Wakefield completed the sale of two Phoenix retail properties. The first being a multi-tenant building located at 1928 W. Buckeye Road and featuring O’Reilly Auto Parts and Rent-A-Center. The second property is The Pet Club located at 3545 E. Indian School Road. The two redevelopment projects sold for a combined $6.155 million.
Chris Hollenbeck of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller. Hollenbeck stated, “We always enjoy the opportunity to work with such capable developers like Joshua Simon and SimonCRE. They are true professionals when dealing with all facets of retail development.”
The two retail properties totaling 19,590 square feet (sf) were 100% occupied at the time of sale. Totaling 14,477 sf, the O’Reilly Auto Parts/Rent-A-Center was purchased by Gilles R. Roy and Angele Roy for $2.986 million. The Pet Club is 5,113 sf and was purchased by Oak Sapling Partners, LLC for $3.168 million.
SimonCRE purchased the 1928 W Buckeye Road property in October 2017 and signed O’Reilly Auto Parts to a 15-year lease. Redevelopment was completed in November 2018. The property at 3545 E. Indian School was purchased by SimonCRE in June 2017 and signed The Pet Club to a new 15-year lease. Redevelopment was completed in early 2018.
“Both of these projects were exciting opportunities to revitalize and re-tenant existing buildings,” said Joshua Simon, Founder and CEO of SimonCRE. “We also saw both properties as excellent investment opportunities and Chris did a tremendous job bringing these transactions to fruition.”
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Founded by Joshua Simon in 2010, SimonCRE is a full service commercial real estate development company that has developed and leased more than two million square feet of retail space all over the United States. The firm specializes in retail ground up development, redevelopment, single tenant build-to-suits and multi-tenant retail building projects. SimonCRE has roughly 45 projects, totaling approximately $110 million in construction planned in 2019. SimonCRE is headquartered at 6900 E. 2nd Street, Scottsdale, Ariz. 85251. For more information, call 480.745.1956 and visit SimonCRE.com.