Jerry McCloskey purchased a store in Peoria and one in Apache Junction near Glendale, paying about $1.2 million for each location to Phoenix-based CSK Auto, Checker's parent company. "It's a program that CSK Auto has been pursuing," Bob Buckley, a senior vice president in Phoenix for Trammell Crow Co., tells GlobeSt.com. "Basically, that's what they're doing for their expansion program."
Both stores are practically identical, sitting on a one-acre pad in a retail project and encompassing 7,500 sf. They are also brand-new locations for Checker Auto Parts, which holds a 15-year lease in each. The Peoria store is located at 8694 W. Peoria Ave. and the Apache Junction location sits at 1401 W. Apache Trail.
McCloskey purchased both properties as part of a 1031 Exchange. Buckley says the fact that the stores had single-tenant, long-term leases was very appealing to the buyer. The stores also sit in high-traffic retail projects in middle-class submarkets.
"The deal was oriented more to the passive investor, because of the long-term nature of the lease," adds Buckley who along with Tracy Cartledge, Steve Lindley, Greg Mayer and Mike Kitlica, all with TCC's local office represented the buyer. Paul Holland and Stephanie Davis, both with Colliers International's Phoenix office, negotiated for the seller.
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