$2.2-Mil Sale-Leaseback Ignites Retail Expansion Plan

SCOTTSDALE, AZ-The Northeast Scottsdale Auto Group Inc. has struck a 10-year sale-leaseback deal with a California investor in a 1031 exchange. The seller has paid $2.2 million for the Scottsdale Airpark property.

Tom Louer of CB Richard Ellis’ Phoenix team negotiated the sale on behalf of Northeast Scottsdale Auto Group. Bob Broyles of Colliers International’s Phoenix office handled talks for father-son buyers, Robert F. and Robert L. Caldwell, both of San Francisco. The buyers recently closed a $15-million acquisition of another Phoenix industrial property.

Northeast Scottsdale Auto Group had the 16,5000-sf flex building constructed at 8180 E. Raintree Dr. in 1996, positioning it in one of the city’s most popular landing spots for light manufacturing and distribution. The structure houses the firm’s corporate offices and a service center. Houston-based L.J. Melody & Co.’s Phoenix office arranged the financing for the transaction.Insignia says the sale-leaseback will enable the long-term tenant to advance a retail expansion in the Phoenix market. Northeast Scottsdale Auto Group has six retail locations in the Phoenix area and is looking at adding a couple more over the course of the next two years, Louer says. “It was a straight-forward sale-leaseback,” Louer tells GlobeSt.com.