Glendale, Arizona– CBRE has completed the sale of two single-tenant, net-leased Goodwill retailers located at 6161 West Bell Road in Glendale and 2933 South 99th Avenue in Tolleson, Arizona. The portfolio sale commanded a price of $12.3 million and included an additional parcel of land (totaling 27,473-square-feet) located adjacent to the Tolleson Goodwill.
Joseph R. Compagno, Barry Gabel and Chris Marchildon with CBRE’s Phoenix office represented the sellers; Phoenix, Ariz. based M-CountryCorners 1, LLC, M-CountryCorners 2, LLC, M-GlendaleX No. 1, LLC and the buyer; Yorktown Corporation, an Arizona corporation.
“We sold Yorktown’s 105,000-square-foot single tenant JCPenney on Ray Road a few months ago. We identified this Goodwill portfolio as an excellent 1031 exchange opportunity. The buyer placed a great new life insurance loan on the portfolio through Geoff Harris in CBRE’s Debt & Structured Finance group in Phoenix,” said Compagno. “The escrow closed in 50 days with new financing. It was a very smooth and efficient transaction for both parties.”