"A lot of interest was generated due to fact that it was a property anchored by a Wal-Mart Supercenter," Mike Day, an investment adviser with Sperry Van Ness in Phoenix, tells GlobeSt.com. Located at 6005 E. Southern Ave., the 2.8-acre Super Wal-Mart Shops are fully leased to Jackson Hewitt, Advance America, Sunshine Nails and China Star Buffet.
The single-story building was still under construction when it went on the market, according to Day. Both marketing and escrow lasted several months, with the sale finally closing at a 7.8% cap rate and $317 per sf. Rents are expected to range from $20 per sf to $25 per sf. Acquisition financing at a 75% loan-to-value ratio was obtained from Jackson Federal Bank of Brea, CA.
Based in Santa Ana, CA, seller Superstition Springs LLC's modus operandi has been to quickly build and sell retail properties in and around Phoenix, Day says. Laguna Beach, CA-based Joshua Mobile Home Park LLC beat out six other offers and brought the high bid barely below the listing price. Day and Shari Tucker of Sperry Van Ness represented the seller; Mike Wolfe of ReMax Commercial bargained for the buyer.
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