Phoenix, Ariz. – CBRE has completed the sale of a 21,702-square-foot retail building located at 24930 S. Ellsworth Rd. in Queen Creek, Ariz. The property, which is on a long-term lease to Tractor Supply Company, traded for nearly $5.3 million. The buyer was in a 1031 exchange and obtained new financing in escrow.
Joseph R. Compagno with CBRE’s Phoenix office represented the Ariz.-based seller. Erik Barbic with Sherman & Boone Commercial represented the California-based buyer, Houser Holdings AZ, LLC.
“We received offers from eight buyers throughout the marketing period who were in search of new single-tenant investment opportunities,” said Compagno. “The buyer was approaching the end of their 1031 exchange in California and needed a long-term investment. The tenant’s long-term lease on the property combined with its highly desirable location in Queen Creek ultimately helped close the deal.”
Built in 2016, the nearly 3.98-acre property is leased to Tractor Supply Company, a publicly traded farm supply chain with 1,700 stores in 49 states. The building is situated at a rapidly expanding intersection at Ellsworth and Riggs roads.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.