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Brokerage
Posted: September 24, 2012
Greenberg of ERG reps buyer is $9.15 million sale of Phoenix, AZ retail property
According to ERG Property Advisors, the sale of 3102 E. Camelback Rd. has been completed. The asset contains a net leased Wells Fargo & Co. Bank and fetched a capitalization rate of 4.18%.
"Retail net-lease investments have experienced significant cap rate compression in the first and second quarters of 2012" said Andrew Greenberg, senior director of ERG's retail division.
The property sold for $9.15 million. Greenberg represented the buyer with Jereme Snyder and Eric Carlton of Colliers International representing the seller.
"Net-lease properties are the most active division within the retail investment market. Buyers are focusing on tenants such as McDonald's, Walgreens, and Wells Fargo in strong MSA locations."
With Wells Fargo Bank, the property has a corporate guaranteed lease and an investment grade tenant (S&P rated A+) in the affluent Biltmore Commercial corridor in downtown Phoenix. The property is located adjacent to the Arizona Biltmore Golf Resort & Spa - a Waldorf Astoria Hotel, has premier street visibility on heavily trafficked Camelback Road, and is connected as an outparcel pad to the Biltmore Plaza, which contains a Safeway Anchored Grocery center.
For more information about this property, please contact or Andrew Greenberg at (646) 253-0950 his email is [email protected].
About ERG Property Advisors
ERG Property Advisors is a full-service commercial real estate brokerage company based in New York City. Its core activities are investment sales and strategic consulting. While focused on the broader New York City area as a company, ERG also offers specific market knowledge at the submarket level. Beyond core New York City properties, ERG has access to a vast network of NNN properties throughout the United States. In addition to assisting property owners and prospective buyers, ERG provides banks, appraisers, attorneys, and accountants with information and skill sets that support them in their respective roles. Visit www.ergpa.com for recent deals and press coverage.
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