Saturday, September 22, 2012

Colliers International Completes Record-Breaking $9.15 Million Sale of a Retail Property Occupied By Wells Fargo Bank in Phoenix, AZ




PHOENIX, AZ) Jereme Snyder (middle right photo)  and Eric Carlton (lower right photo) of Colliers International, the third largest global real estate services organization, have completed a record-breaking sale of a single-tenant retail property NNN leased to Wells Fargo Bank for $9.15 million.

The property, located at 3102 E. Camelback Rd (top left photo). in Phoenix, set a new national sales record for a bank-occupied property with the lowest closing cap rate in 2012 of 4.17 percent. It also sold for a price per square foot of $2,231 which is the highest PPSF for a bank-occupied property in 2012 nationwide as well. (Both records are according to CoStar).

The Snyder-Carlton Team of Colliers International represented the seller, Phoenix-based TradeCor LLC.   Andrew Greenberg of ERG Property Advisors represented the buyer, 8155th Ave. LLC from New York, NY.

“The property is a single-tenant corporate ground lease with Wells Fargo Bank that has more than 16 years remaining on the lease and 3 percent annual increases in rent,” said Snyder. “We were able to garner four offers with a sub-4.5 percent cap rate and underwent a challenging 60-day negotiation process with the buyer who saw the intrinsic value of the property with the ideal combination of a trophy location, strong tenant, and quality, new construction building.”

 Carlton added, ”Single-tenant investments in the growing Phoenix area as well as other key markets within the country are highly sought after, as even a low cap rate in the 4 percent range is appealing and provides a stable investment year over year in an uncertain economic environment.” 

Built in 2008, the property totals 4,100 square feet and is situated on 43,037 square feet of land. The property is located at 32nd and Camelback Rd. in the heart of the financial corridor of Phoenix/Scottsdale, next to the Biltmore Hotel.

Contact:

Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224



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