1,756 Transactions in 2021

19509 N Sunrise Blvd, Surprise, AZ 85374

Sold $3,200,000
Retail
Description

19509 N Sunrise Blvd, Surprise, AZ 85374

Retail Sold - Surprise AZ

OFFERING SUMMARY

  • 19509 N Sunrise Blvd, Surprise, AZ 85374 
  • Property Type:  Retail
  • Asking Price:  $3,200,000
  • Cap Rate:  7.18%
  • NOI:  $229,695.66
  • Lease Type:  NNN
  • Tenancy:  Multi
  • Square Footage:  8,764
  • Price/Sq Ft:  $365.13
  • Occupancy:  100%
  • Year Built:  2001
  • Buildings:  1
  • Stories:  1
  • Zoning:  PAD
  • Parking Spaces:  103
  • APN:  232-32-970

 

Property Highlights:

Retail Investment in Surprise AZ in a retirement community called Sun City Grand.

For Sale at $3.2M at a 7.18% cap. The seller just reduced the sales price to offset the short lease term & lease rate with Coldwell Banker (CB).​

Property Management for this project has reached out to CB regarding renewing their lease.​ CB doesn’t normally address renewals until 6 months before expiration.​ We’ve requested they let us know sooner, still waiting to hear back.​ Seller lowered the sales price down to $3.2M so if a new tenant comes in at $25.00/sf NNN which is market rate for this area the cap rate would be 6.5%.​ If CB renews at their current lease rate the cap is 7.18%.​ 

 

  • Eight (8) suites total with four (4) tenants.​ **Note – CVS is the anchor but not part of the sale
  • Project is in the middle of the retirement community Sun City Grand, approx.​.​ 1.4 miles away from the closest retail competitor
  • Long-term tenants, two have been here over 20 years, the newest was 6 years ago.​ There has only been one (1) vacancy in the past 10 years.​ It was 6 years ago and it leased up within 2 months
  • Edward Jones just renewed their lease for another 5 years
  • Coldwell Banker (CB) has 1 ½ year left on their lease.​ Property Management is in talks with corporate on their renewal.​ CB typically wait until a year out to determine renewal status

 

Sunrise Plaza is seated in the heart of Del Webb’s Sun City Grand, a master-planned community just Northeast of Bell Road and Loop 303 Freeway.​ Sun City Grand spans across  4,000 acres and houses more than 20,000 residents.​ Sunrise Plaza remains the only retail strip in all of Sun City Grand and shares the CVS pad on the corner of W Clearview & N Sunrise Blvd.​



BROKER INFORMATION

Phill Tomlinson
(480) 330-8897
ptomlinson@cpiaz.com



Property Features
  • Retail
Phill Tomlinson
480-330-8897
480-522-2800

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