Former Home Depot Sold for $1.6M

PHOENIX-A vacant Home Depot finds a buyer for the 99,510-sf building and 9.2 acres at 4240 W. Camelback Rd. in Phoenix. Turning over a $1.6-million check is buyer of record, Verma Camelback 43rd Avenue LLC of Phoenix.

Atlanta-based Home Depot Inc. sold the building through David Leyvas of Phoenix’s Diversified Commercial Brokerage. Tom Semancik of the Phoenix office of Colliers International represented the buyer. The property became surplus real estate once Home Depot unlocked doors on a brand-new store right across the street.

Semancik tells GlobeSt.com that the holding was on the market about four months before it fell under contract. He says the buyer plans to lease and sell pad sites in the parking lot for fast-food restaurants and service stations with convenience-store components. And, of course, find a tenant to fill the big box space. Semancik is holding the leasing assignment for the property, which is carrying a $5 per sf triple net rate on the empty building.