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MESA, AZ-The Dallas-based Capps Van & Car Rental Inc. has acquired its first location in the Phoenix Valley for $2.2 million. The 6,855-sf building sits on two acres at 1426 W. Broadway Rd.
"Capps wanted to open a location in the Phoenix Metro Valley," says Mark Wilcke, a senior vice president with NAI Horizon who represented the Scottsdale-based investment group, Nowrooz LP, in the sale. "(The asset) was an ideal fit for Capps because it was the right size and ready to go....It's difficult to find existing auto dealerships, and their next alternative was to build a facility."
Wilcke tells GlobeSt.com that the eight-year-old structure formerly was occupied by Sands on Broadway, a local used vehicle dealership that moved across the street. "Nowrooz was looking for a tenant or a buyer for the building although a tenant was the first preference," he says.
Bo Price of Bo Price & Co., which is based in Dallas, represented Capps Van & Car Rental. The company's new Mesa store will open Dec. 1.
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