FLAGSTAFF—Cassidy Turley announces that Rosenthal & Rosenthal, Inc., through its affiliate Broadway Tenth/Flagstaff, LLC, purchased a retail property leased to Whole Foods in Flagstaff for $11.69 million. The property is located at 320 S. Cambridge Lane and is part of the Aspen Place at the Sawmill development.
Executive managing directors Ryan Schubert and Michael Hackett with Cassidy Turley's retail capital markets group represented the seller, Sawmill NF, LLC, an affiliate of The Aspen Group.
Hackett tells GlobeSt.com, “The Whole Foods' newly signed 20-year lease was key to this deal. The space was formerly a New Frontiers market and Whole Foods purchased New Frontiers four to six months ago. This property immediately became more desirable with the Whole Foods brand. It really is the cornerstone of Aspen Place, which includes high-end shopping, including an REI. There are also two different multifamily assets being developed in the area.”
Built in 2010, the property is located near Northern Arizona University and the center of Flagstaff at the corner of Butler Avenue and Lone Tree Road. Aspen Place at the Sawmill tenants include REI, Chico's, Eddie Bauer, Flagstaff Jean Company, Wildflower Bread Company and Pita Jungle.
Hackett says the transaction was an all cash deal as the buyer was in the middle of a 1031 exchange.
“This fits in perfectly with the grocery store component of their portfolio,” says Hackett.
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