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Single-Tenant Retail Building Catches $2M

SIERRA VISTA, AZ-After six months on the market and four offers, a 29,279-sf building housing Hastings Entertainment, trades for $1.7 million with a 9.59% cap rate. The Tarzana, CA-based buyer, Berco, also assumes a ground lease.

By Jennifer D. Duell | Updated on July 18, 2005

SIERRA VISTA, AZ-A single-tenant retail building with a complicated ground lease has sold for $1.7 million after six months on the market. Berco, an investment group from Tarzana, CA, was one of four offers for the 29,279-sf building in the Center of Sierra Vista Shopping Center.

The building, located at 3758 E. Fry Blvd., is fully occupied by Hastings Entertainment. “The Hastings store expanded a few years ago and took on 10,000 sf of space that was a ground lease,” says Andrew Fosberg, a Phoenix associate with CB Richard Ellis Inc. “The buyer purchased the building and assumed the ground lease.” The property finally traded at a 9.59% cap rate, he says, citing an average rent of $6 per sf, triple net.

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