CBRE Arranges $16 Million Sale of Two-Property Goodwill Portfolio
28 Dec 2018
CBRE completed the sale of a two-property portfolio leased to Goodwill, located at 8053 East Raintree Dr. in Scottsdale, Ariz. and 4570 South Higley Rd. in Gilbert, Ariz. The properties sold for $10.2 million and $5.8 million, respectively.
Joseph R. Compagno with CBRE’s Phoenix office represented the seller, Ariz.-based, The Mack Company. Tom Kolb of Keller Williams Northeast Realty represented the buyer, Calif.-based Cahuenga Lofts, LLC.
“We were able to source a high net-worth Los Angeles-based buyer who had immediate interest in this two-property portfolio given the well-known tenant and excellent locations in both Scottsdale and Gilbert,” said CBRE’s Compagno. “The buyer had a very large 1031 exchange requirement that they needed to satisfy with this purchase. They ultimately closed on the portfolio in an all cash deal in less than 25 days.”
The approximately 25,000-square-foot freestanding Scottsdale Goodwill is located on the southeast corner of north Hayden Road and east Raintree Drive in the busy Scottsdale Airpark. The Airpark encompasses approximately 8.6 square miles with over 2 million square feet of commercial space. This location is less than three miles from the main entrance of the Scottsdale Airport.The Gilbert Goodwill occupies a nearly 22,500-square-foot freestanding building located within the Higley Pavilion Shopping Center on south Higley Road north of east Queen Creek Road. The property is located within several large, densely populated master-planned communities including Power Ranch and Trilogy at Power Ranch and is less than 6 miles from the Phoenix-Mesa Gateway Airport.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.