Prescott Valley Mall costs $ 2.75M
CBRE has completed the sale of a net leased shopping center located at 3264 N. Glassford Hill Road in Prescott Valley, Arizona. In the shadow of a Kohl’s department store, the 8,639-square-foot retail building commanded a selling price of $ 2.75 million. The establishment is known as The Shops at Glassford Hill Marketplace.
Joseph Compagno, of CBRE’s Phoenix office, represented the seller, Prescott Valley Signature Entertainment, LLC of Prescott Valley, Ariz., In connection with the transaction. The buyer, Zynda Family Trust, based in Oceanside, Calif., Was represented by Rob Walter of Century 21 Arizona West.
This mall is brand new 2014 construction. Our team brought this property to market before any tenant opened. We pre-sold for the developer and found an all-cash 1031 Southern California stock investor, ”CBRE’s Compagno said. “We brought the awards from Phoenix to Prescott Valley, Arizona.”
The Shops at Glassford Hill Marketplace consists of five tenants on triple net leases in a 100% occupied building. The property totals 8,639 square feet and covers 1.02 acres. The building was under construction as the property was put on the market for sale and was completed just before escrow closed. The property sits like a pad to a Kohl department store. New leases have been signed with Pacific Dental Services, Sally Beauty Supply, Verizon Wireless, Presto Title Loans and Nationwide Vision. The property also benefits from proximity to a new Walmart Supercenter and Fry’s, which border the property.
Joseph Compagno specializes in the sale of net leased business investments across the United States. Its retail team works on behalf of private and institutional owners.