CBRE has completed the sale of a vacant grocery store space in Prescott, Ariz. The property, located in the Depot Marketplace retail center at the northeast corner of Montezuma and Sheldon Streets, features 43,946 square feet on just over four acres and commanded a sale price of $3.25 million.
Nancy McClure with CBRE’s Tucson office negotiated the transaction along with Arizona Commercial brokers Mary Jo Kirk and Bebe Wright. The seller was GIG TCG WAVE MASTER PROPERTY OWNER, LLC of New York, NY. The buyer was KDC Depot Marketplace, LLC, an entity formed by Kitchell Development Co.
“Depot Marketplace is a well-located, highly trafficked retail property. As such, we had a significant amount of activity from potential buyers – both investors and users – and ended up with five offers on the table,” said CBRE’s McClure.
The fully-equipped grocery store property was most recently occupied by Haggen, who had taken over the space when Albertson’s vacated after their merger with Safeway. Haggen vacated the property in December 2015 after filing Chapter 11 bankruptcy. Going forward, Kitchell has plans to re-tenant the property within the year.