PHOENIX, Arizona – CBRE has completed the sale of a 21,702-square-foot retail building located at 24930 S. Ellsworth Rd. in Queen Creek, Ariz. The property, which is on a long-term lease to Tractor Supply Company, traded for nearly $5.3 million. The buyer was in a 1031 exchange and obtained new financing in escrow.
Joseph R. Compagno with CBRE’s Phoenix office represented the Ariz.-based seller. Erik Barbic with Sherman & Boone Commercial represented the California-based buyer, Houser Holdings AZ, LLC.
“We received offers from eight buyers throughout the marketing period who were in search of new single-tenant investment opportunities,” said Compagno. “The buyer was approaching the end of their 1031 exchange in California and needed a long-term investment. The tenant’s long-term lease on the property combined with its highly desirable location in Queen Creek ultimately helped close the deal.”
Built in 2016, the nearly 3.98-acre property is leased to Tractor Supply Company, a publicly traded farm supply chain with 1,700 stores in 49 states. The building is situated at a rapidly expanding intersection at Ellsworth and Riggs roads.