The 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.”