Nancy L. Gilbert of Livingston, MT has bought a fully occupied, 5,939-sf strip mall at 1920 W. Camelback in Phoenix. Built in 2001, the holding is leased to Popular Cash Express, Advanced America Cash Advance Center and Super Laundry.
Gilbert was steered to the prospect by her Montana broker, Jenifer Davis of CB Richard Ellis in Phoenix, tells GlobeSt.com. Roy Rose of Big Sky Management Inc. represented Gilbert and Davis and Steve Fernandez, also with CB Richard Ellis, negotiated for seller Casa Banco LLC of Santa Ana, CA.
According to Davis, the transaction carried a cap rate of 9% for the Western Camelback Corridor holding. Casa Banco, a commercial property owner in Phoenix and California, had the property listed for four months before it fell under contract.
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