PHOENIX – CBRE announced the $14.45 million sale of a 10-acre property leased to Target and US Bank in Tempe, Ariz.
Joseph Compagno of CBRE's Net Lease Property Group in Phoenix represented both the buyer and the seller in an all-cash San Diego-based investor with multiple single-tenant holdings in the Phoenix market.
The property at 1800 & 1818 East Baseline Road, is located less than a half mile south of US 60 and in proximity of Dobson Ranch and Arizona State University.
“The California buyer was very attracted to the rare opportunity to acquire a Target and US Bank-leased property on a premier corner in Tempe,” said Compagno.
“They recognized the strong inherent value in the underlying land.” He added, “The flight of California investors to the Phoenix market has increased significantly in recent months.”
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
