A CB Richard Ellis source in Phoenix tells GlobeSt.com, it might be the first, but it's not likely to be Gustine's last purchase. A Gustine contact did not return telephone calls by press time to discuss the firm's plans for the region. Brokers involved in the deal say it is strictly an investment acquisition. The property is situated at the northeast corner of Scottsdale and Thomas roads in Scottsdale.
The Gustine buy from New York City-based W.P. Carey and Co. comes with a Checker Auto Parts and Popular Outdoor Outfitters. A team from CB Richard Ellis' Velocity Retail Group–Darren Pitts, Pat Sauer and Dave Cheatham–represented Gustine Properties. Chris Gerow of NAI Horizon in Phoenix assisted W.P. Carey in negotiations for the sale.
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