Staff Reports | Business & Construction
Cushman & Wakefield announced today that the real estate services firm has arranged the sale of a single-tenant retail property at 2649 W. Indian School Road in Phoenix. The final sale price was $2,570,000.
The property features an approximately 2,943-square-foot convenience store and fueling station built in 2000 on an approximately 0.88-acre lot.
The tenant, West Coasts Petroleum Newports (doing business as Sinclair Gas Station), is a franchise operator with more than 16 years in business, according to a press release.
Cushman & Wakefield’s Chris Hollenbeck and Shane Carter represented the seller, DRA852AZ LLC, in the transaction. The property was acquired by Glidepath LLC.
“This was a highly sought-after absolute NNN asset with bonus-depreciation benefits and long-term rental growth,” Mr. Hollenbeck said. “Achieving a full-asking-price closing reinforces the strength of both the real estate and the NNN market segment. Investors continue to be drawn to assets that offer stable cash flow, inflation-hedging rent escalations and tax advantages, especially in high-traffic, densely populated locations like this one.”
Found adjacent to the Interstate 17 Freeway with approximately 220,585 vehicles per day and at an intersection with more than 100,000 combined vehicles per day, the property offers visibility and access.
