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California Family Trust Pays $9.8M for Safeway Near Phoenix

Fortress Investment Group Sells 55,000-SF Retail Building in Laveen Ranch Marketplace
July 10, 2018
The 55,259-square-foot Safeway in Laveen Ranch Marketplace at 5035 W. Baseline Rd. in Laveen, AZ

City Of Industry, CA-based Pace Bypass Trust purchased a 55,259-square-foot retail building within the Laveen Ranch Marketplace shopping center from New York-based Fortress Investment Group. Safeway sold for $9.8 million, or approximately $177 per square foot.

The single-story structure at 5035 W. Baseline Rd. was built in 2008. The Class A building spans more than six acres less than 10 miles from downtown Phoenix.

Major tenants at Laveen Ranch Marketplace include Bank of America, Papa John’s Pizza, UPS Store, Firestone and Sonic.

“This asset is a nice fit for the buyer’s 1031 exchange upleg trade property as it provides an absolute NNN lease with no landlord responsibilities, corporate guaranty and solid NOI growth throughout the lease term,” said Chris DePierro, managing director of Faris Lee Investments, in a statement.

DePierro represented the buyer. Jamie Medress, senior managing director at Marcus & Millichap, represented the seller, which purchased the building in November 2017 for $7.65 million, or about $138 per square foot, CoStar data shows.

Please refer to CoStar COMP #4306445 for additional information regarding this transaction.

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