June 5, 2019 – On behalf of SimonCRE, Cushman & Wakefield completed the sale of two Phoenix retail properties. The first being a multi-tenant building located at 1928 W. Buckeye Road and featuring O’Reilly Auto Parts and Rent-A-Center. The second property is The Pet Club located at 3545 E. Indian School Road. The two redevelopment projects sold for a combined $6.155 million.
Chris Hollenbeck of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller. Hollenbeck stated, “We always enjoy the opportunity to work with such capable developers like Joshua Simon and SimonCRE. They are true professionals when dealing with all facets of retail development.”
The two retail properties totaling 19,590 square feet (sf) were 100% occupied at the time of sale. Totaling 14,477 sf, the O’Reilly Auto Parts/Rent-A-Center was purchased by Gilles R. Roy and Angele Roy for $2.986 million. The Pet Club is 5,113 sf and was purchased by Oak Sapling Partners, LLC for $3.168 million.
SimonCRE purchased the 1928 W Buckeye Road property in October 2017 and signed O’Reilly Auto Parts to a 15-year lease. Redevelopment was completed in November 2018. The property at 3545 E. Indian School was purchased by SimonCRE in June 2017 and signed The Pet Club to a new 15-year lease. Redevelopment was completed in early 2018.
“Both of these projects were exciting opportunities to revitalize and re-tenant existing buildings,” said Joshua Simon, Founder and CEO of SimonCRE. “We also saw both properties as excellent investment opportunities and Chris did a tremendous job bringing these transactions to fruition.”