Cushman & Wakefield represents buyer and seller in gas station portfolio sale
PHOENIX, Arizona– Cushman & Wakefield completed the sale of two gas stations for a total of $5.549 million. Scottsdale-based Mesa Valley I purchased the ARCO, located at 3610 E. Bell Road in Phoenix and the Chevron, located at 825 E. Apache Blvd. in Tempe, Ariz., from Tempural, LLC and Arbellco51, LLC.
Chris Hollenbeck of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of both the buyer and seller. Hollenbeck stated, “We were excited to help both the buyer and seller in this transaction work to successfully close this package of investments. The Chevron is located at an irreplaceable intersection right next to Arizona State University (ASU) and the ARCO is located on Bell Road, with close proximity to the SR-51 freeway.”
The two single-tenant gas stations totaling 4,381-square-feet were 100% occupied at the time of sale by ARCO and Chevron. Located in north Phoenix, the 2,781-square-foot ARCO sold for $2.365 million ($850 PSF).
The 1,600-square-foot Chevron, sold for $3.184 million ($1,990 PSF), has an accompanying convenience store and is located on the southwest corner of Apache Boulevard and Rural Road. At the center of Tempe, this is a fast developing area of the ASU campus with a number of new high-rise housing developments, including both residential condos and student housing.