Phoenix – March 7, 2016 – CBRE has completed the sale of a single-tenant, net-leased Goodwill on the behalf of a national developer located at 8517 West Grand Avenue in Peoria. The 25,000-square-foot retail property was built in 2013 and is Goodwill’s new retail prototype. The property commanded a price of $5.91 million and also included the adjacent 6.45 acres of developable land.
Joseph R. Campagno, Barry Gabel and Chris Marchildon with CBRE’s Phoenix office represented the seller and buyer; Phoenix, Ariz. based M-85thGrandAZ, LLC and Venice Plaza, LLC of Los Angeles, Calif., respectively.
“We sourced a Los Angeles-based California private capital 1031 exchange investor,” said Compagno. “The transaction was very smooth and the buyer placed a new bank loan on the property.
Goodwill has been located at 85th and Grand Avenue for over 20 years and took occupancy of the newly built building in 2013. The site is located in the Peoria Redevelopment District and the City of Peoria is very supportive of new development initiatives such as this.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
