Cushman & Wakefield of Phoenix reps seller in portfolio sale
PHOENIX, May 22, 2019 – Cushman & Wakefield completed the sale of two Walgreens for a total of $6.9 million. The properties, located at 1840 W. Southern Avenue in Phoenix and 14285 W. Grand Avenue in Surprise, Ariz., were controlled by Grand Village CFI, LLC of Telluride, Colo.
Chris Hollenbeck of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller.
The two single-tenant properties totaling 29,300 square feet (sf) were 100% occupied at the time of sale by Walgreens, one of the nation’s largest drugstore chains. Totaling 14,560 sf, the freestanding property located at 1840 E. Broadway Boulevard was purchased by Cove Capital of Rolling Hills Estates, Calif. for $4,650,000 million. The property located at 14285 W. Grand Avenue is 14,740 sf and was purchased by Midwest Alliance Partners, LLC of Urbandale, Iowa for $2,253,000 million.
“We were pleased to have successfully closed this portfolio of two investment properties. Both deals are freestanding Walgreens with drive-thrus and have corporate guaranteed leases,” stated Hollenbeck.
According to Cushman & Wakefield research, the demand for all retail types were consistent despite the growing strength of the eCommerce market in the first quarter of 2019. Vacancy rates have returned to pre-recession lows, though asking rates are lower, especially for Class B and C space.
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.