Cushman & Wakefield Arranges $6.9M Sale of Two Walgreens-Occupied Assets in Metro Phoenix
PHOENIX AND SURPRISE, ARIZ. — Cushman & Wakefield has brokered the sales of two retail properties, located at 1840 W. Southern Ave. in Phoenix and 14285 W. Grand Ave. in Surprise. The properties were controlled by Grand Village CFI of Telluride, Colo.
The two single-tenant properties, totaling 29,300 square feet, were 100 percent occupied by Walgreens at the time of sale. Rolling Hills Estates, Calif.-based Cove Capital acquired the 14,560-square-foot property in Phoenix for $4.6 million, while Urbandale, Iowa-based Midwest Alliance Partners purchased the 14,740-square-foot asset in Surprise for $2.2 million. Both properties are freestanding buildings with drive-thrus and corporate-guaranteed leases.
Chris Hollenbeck of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller.