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Cushman & Wakefield Brokers Sale of Net Leased Retail Property for $1.7 Million in Central Arizona

4/16/2020
PHOENIX, Ariz., April 16, 2020 – Cushman & Wakefield announced today the firm has brokered the sale of a single-tenant net leased retail investment property in Prescott (Phoenix), Arizona. Located at 1122 Iron Springs Rd., the property totals 2,920 square feet and is 100% leased to one of the largest wireless network operators in the US.

1122 Iron SpringsThe asset sold for approximately $1.7 million. The buyer was Orange County-based GENISSEN, Inc. The seller was MCR Companies.

Chris Hollenbeck and Shane Carter with Cushman & Wakefield’s Phoenix office represented the seller in the transaction.

“This was an attractive investment property boasting high visibility from Iron Springs Rd. and that is fully leased to a credit tenant with a new long-term lease,” said Chris Hollenbeck, Managing Director. “The property was originally constructed in 1980 but was recently renovated in 2019. Formerly a drive-through building, the property also offers the potential for drive-through capability with the lanes also still intact.”

Hollenbeck continued, “The property is strategically located in the retail corridor of Prescott and positioned amidst an abundance of national and popular retailers within just a block or two.”

Tim Reardon, Partner with MCR Companies said, “The MCR team greatly appreciate all the work Regan Amato, Chris Hollenbeck and their team put into making this project a success in both leasing and ultimately selling the property. This property sat vacant for years and now fully occupied by a strong tenant will be a great asset to the community.”

About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake External Link on Twitter.

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Joshua Deale San Diego Communications Manager
Joshua Deale

Communications Manager • San Francisco

Mr. Deale leads strategic media relations and thought leadership efforts for the West Region markets, and oversees their online presence including managing article and social media efforts.