CBRE completes investment sale in Maricopa

2204

CBRE, the world’s largest commercial real estate services firm, recently represented the buyer and seller in a $1.45 million transaction for the building housing Pet Club.

The regional pet food store at 21145 N. John Wayne Parkway is in the first six months of a new 10-year lease.

Neil Kleinman, a private capital investor out of Tucson, paid cash for the 7,520-square-foot single-tenant retail building, said Phoenix-based CBRE representative Joseph Compagno. Barclay Group in Phoenix was the seller.

Compagno said the transaction took about 90 days, which currently is typical in Arizona.

“It’s the kind of transaction that brings positive momentum and movement in the market place,” Compagno said. “It’s recognition that an investor can come to Maricopa and see a higher return on investment than if the same property was in the middle of Phoenix or Tucson.”