Phoenix, Ariz. – CBRE has completed the sale-leaseback of a retail property at 6730 East Thomas Road in Scottsdale, Arizona. The 1,750-square-foot property, located west of Scottsdale Road in a dense infill trade area, sits on approximately 18,227 square feet of land and commanded a sale price of $1.05 million, or $600 per square foot.
The seller, Lorraine Glaeser Survivors Trust, will continue to operate Streets of New York in the space under a 10-year, triple-net lease agreement with the buyer, Triple Mint Properties, LLC of Yuma, Arizona. Andrew K. Fosberg, R. Max Bippus and Dylan A. Brown with CBRE’s Phoenix office represented both the seller and the buyer in the transaction.
“A combination of a long-term lease with Streets of New York, coupled with the property’s prominent South Scottsdale location along Thomas Road, created significant investor interest,” said CBRE’s Fosberg. “Our team sourced an aggressive buyer within one week of marketing the property and closed above asking price.”
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.