Lippow Development Co. of Martinez, CA, picked up the 11,837-sf building at Dysart and McDowell roads from builder Southern Devco LLC of Seattle just as construction on the property was completed, Jenifer Lunt with CB Richard Ellis Inc.'s Phoenix office tells GlobeSt.com. Lunt says the building's full tenant load, triple net leases, ease of management and prime location in a high-growth area made the property a steal.
"We had it in escrow before it was even on the market," Lunt says. "It's hard to find any kind of retail in this price point. I think that's why it was picked up so quickly." She and Steve Fernandez, also with CB Richard Ellis, represented both the seller and buyer in the transaction for the "mom and pop" center. The tenant roster includes a mortgage broker, residential brokerage firm, title company and chiropractor.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
