Cushman & Wakefield Negotiates Sale to Two California Investors
PHOENIX, Aug. 7, 2018 – Cushman & Wakefield’s Chris Hollenbeck completed the sales of two O’Reilly Auto Parts properties, on behalf of JD 2 LLC, for a total of $3.4 million. The properties are located at 8964 W. Peoria Avenue in Peoria, Ariz. and 1401 W. Apache Trail in Apache Junction, Ariz.
The portfolio of single tenant properties totaling 12,698 square feet are 100 percent leased to O’Reilly Auto Parts, one of the largest suppliers of auto parts. Located at the northeast corner of 91st Avenue and Peoria Avenue, 8964 W. Peoria Avenue sold for $1,895,600 to San Diego-based Income Property Investors, Inc. Located at the southeast corner of Ironwood Drive and Apache Trail, 1401 W. Apache Trail sold for $1,525,000 to Yigal Hovav of Huntington Beach, Calif.
“The properties were 100 percent leased with long term leases to O’Reilly Auto Parts. We were able to time both of the transactions to close within the same week of each other so that the seller is now able to 1031 exchange into one larger property,” said Hollenbeck.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.