Phoenix – January 25, 2016 – CBRE has completed the sale of a single-tenant, net-leased property located at 20216 North 27th Avenue in Phoenix. The 1,750-square-foot retail property is situated on approximately 39,857 square feet of land and commanded a sale price of $2,310,000 ($1,320 per square foot). The building is leased to an internationally recognized coffee retailer.
Andrew K. Fosberg and Joseph R. Compagno with CBRE’s Phoenix office represented the seller and buyer; Phoenix, Ariz. based DROF I-6, LLC and the Huang Family Trust of Sierra Madre, Calif., respectively.
"This property was brand new construction. Our team sold the property within 24 hours of hitting the market with the real estate. The property, which sold for a 4.85% cap rate and $1,320 a square foot, has a new 10-year lease with a national coffee retailer,” said Compagno. “The buyer is a Southern California private capital 1031 exchange investor who was sourced from our large database of private capital investors."
The national coffee retailer opened for business at this location in September of 2015 in a very dense infill location in the Deer Valley business park. The property is surrounded by a number of top Phoenix employers including American Express, Honeywell, and USAA among many others.
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 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 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
