Phoenix, Ariz. – CBRE has completed the sale of a single-tenant, triple-net leased CVS Pharmacy located at 8332 West Thunderbird Road in Peoria, Ariz. The 13,813-square-foot retail property is situated on approximately 79,201 square feet of land. The property commanded a sale price of $6 million, or $434.37 per square foot.
Joseph Compagno, Andrew Fosberg and Molly Busch with CBRE’s Phoenix office represented both the buyer and the seller in the transaction. The seller was New York, NY-based Empire Square Group. The buyer was KARMA Development, LLC of Santa Monica, Calif.
Guy Nesdale, partner at Empire Square Group said of the transaction, “CBRE’s team remained dedicated and diligent in working through each issue to a closing.”
The CVS property is strategically located in a densely populated area that is home to approximately 111,931 residents in a three-mile radius and 306,407 residents within a five-mile radius. Developed in 2003, this CVS Pharmacy features a Minute Clinic on site. The property also benefits from proximity to other major, national retailers, including Lowes, Sprouts, McDonald’s, Dunkin Donuts, Verizon, Discount Tire, Subway, Burger King, Dutch Brothers, among others.