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Investment Trio Buys New Checker Auto Shop

AVONDALE, AZ-A trio of well-known retail names in Phoenix forms a new investment group to buy a 6,000-sf building tied to a 15-year lease with a five-year option from the auto parts dealer. The trio's now shopping for more retail deal in the Southwest.

By Jackie Day | Updated on August 04, 2004

Jackie Day is editorial director of Real Estate Media’s Newsletter Division .

AVONDALE, AZ-A single-tenant, auto-parts store on a pad site at Avondale Fiesta Shopping Center has traded hands for $1.3 million cash barely two months after its construction. The 6,000-sf building, leased to Checker Auto Inc., was sold by parent company CSK Auto Corp., to Hyperion-Avondale LLC, a group of three local investors that expects to make similar deals in the future.

In the deal, Phoenix-based CSK leased back the two-month-old building for 15 years with a five-year option. Hyperion-Avondale’s principals are Jan P. Fincham, Patrick A. Dempsey and Chris Stamets. Fincham and Dempsey are brokers at Lee & Associates Arizona in Phoenix. “We will hold this as an investment, five years or longer probably,” Fincham tells GlobeSt.com.

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