Cushman & Wakefield Negotiates Sale to Two California Investors
PHOENIX, Arizona – Cushman & Wakefield’s Chris Hollenbeck completed the sales of two O’Reilly Auto Parts properties, on behalf of JD 2 LLC, for a total of $3.4 million $267.75 PSF). The properties are located at 8964 W. Peoria Avenue in Peoria, Ariz. and 1401 W. Apache Trail in Apache Junction, Ariz.
The portfolio of single tenant properties totaling 12,698-square-feet are 100 percent leased to O’Reilly Auto Parts, one of the largest suppliers of auto parts. Located at the northeast corner of 91st Avenue and Peoria Avenue, 8964 W. Peoria Avenue sold for $1,895,600 to San Diego-based Income Property Investors, Inc. Located at the southeast corner of Ironwood Drive and Apache Trail, 1401 W. Apache Trail sold for $1,525,000 to Yigal Hovav of Huntington Beach, Calif.
“The properties were 100 percent leased with long term leases to O’Reilly Auto Parts. We were able to time both of the transactions to close within the same week of each other so that the seller is now able to 1031 exchange into one larger property,” said Hollenbeck.