In Q3 2015 CIRE acquired a 145,762 SF multi-tenant wholesale specialty grocery-anchored retail property located on the northeast corner of Southern Avenue and McClintock Drive in Tempe, AZ
Capital preservation/current yield opportunity providing stable long-term cash flows from nationally recognized tenants such as Ross Dress for Less, US Foods, Starbucks, Sprint and Subway
Attractive cash on cash yields to investors throughout the hold period
High visibility location just three miles southeast of Arizona State University (ASU)
Near-term upside potential to enhance cash flows through the recapture/releasing of multiple in-place, below-market small shop tenants at current market rents
Acquire a well-located, stabilized asset and aggressively apply asset management expertise to the property to maximize efficiencies, reduce costs, and enhance cash-flows
Roll-out of an aggressive hands-on leasing strategy for the remaining vacant suites utilizing generous tenant improvement packages and leasing commission incentives
Property Type:
Multi-tenant Retail
Sub-Market:
Glendale, Arizona
Number of Bldgs:
Nine (9)
SF / Acres:
221,388 / 23.9 Acres
Year Built:
1992 & 1998
Current Occupancy:
94%
