PHOENIX, AZ — NAI Horizon Senior Vice President Mark Wilcke represented the seller in the $1.95 million ($112 PSF) sale of a multi-tenant, automotive retail/office investment property at 2404 and 2412 N. Scottsdale Rd., in Tempe.
NAI Horizon represented Scottsdale Equity LLC of Los Angeles in the transaction.
The 17,418-square-foot retail/office asset is 100 percent occupied. Located on the NWC of Fillmore and Scottsdale roads in Tempe, the 2404 building is single-leased to Title Max. The 2412 building is occupied by automotive repair firms Euro Motor Works, Babbitt Motor Werks, and Luxury Legends.
Wilcke first received the listing assignment in 2009 to lease a completely vacant property. Over the next several years he secured several different tenants to bring the property to 100 percent occupancy.
“After the property was stabilized and cash flowed, the ownership, being from out of state, employed me to sell the asset,” Wilcke said. “After considering multiple offers the owners accepted the offer from ViaWest. It’s been exciting to be part of the automotive sales and leasing rebirth that north Tempe and south Scottsdale have realized.”
Wilcke has been involved in numerous other transactions along Scottsdale Road in recent years. Clients include Hertz Corporation, Palacios Upholstery, Corvette Performance and AAMCO Transmission.
The buyer, VWP Fillmore Retail LLC was represented by Andrew Fosberg of CBRE.