PHOENIX, Arzona –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 un disclosed Florida-based seller and the buyer, B2 Holdings, LLC, 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.”