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ERG Announces Sale of Net-Leased Wells Fargo & Co in Phoenix, AZ

ERG Property Advisors is pleased to announce the sale of 3102 E. Camelback Road in downtown Phoenix, AZ. The trophy asset contains a Net Leased Wells Fargo & Co. (NYSE:WFC) Bank and most notably fetched a record-shattering capitalization rate of 4.18%.

“Retail net-lease investments have experienced significant cap rate compression in the first and second quarters of 2012” says Andrew Greenberg, Senior Director of ERG’s retail division, who represented the buyer in the transaction.
 
“Net-lease properties are the most active division within the retail investment market. Buyers are focusing on tenants such as McDonald’s, Walgreens, and Wells Fargo in strong MSA locations.”
 
With Wells Fargo Bank, the property has a corporate guaranteed lease and an investment grade tenant (S&P rated A+) in the affluent Biltmore Commercial corridor in downtown Phoenix. The property is located adjacent to the Arizona Biltmore Golf Resort & Spa - a Waldorf Astoria Hotel, has premier street visibility on heavily trafficked Camelback Road, and is connected as an outparcel pad to the Biltmore Plaza, which contains a Safeway Anchored Grocery center.
 
The property sold for $9,150,000 or $2,232 Per Square Foot. Andrew Greenberg of ERG Property Advisors represented the buyer in this transaction with Jereme Snyder and Eric Carlton of Colliers International representing the seller.
 
For more information about this property, please contact or Andrew Greenberg at (646) 253-0950 his email is agreenberg@ergpa.com.
 
 
About ERG Property Advisors 
 
ERG Property Advisors is a full-service commercial brokerage company based in New York City. Our core activities are investment sales, mortgage brokerage and direct capital services. While focused on the broader New York City area as a company, ERG also offers specific market knowledge at the submarket level. Beyond core New York City properties, ERG’s Retail Division specializes in the disposition of commercial investment real estate property nationally with a focus on freestanding Net-Lease properties. In addition to assisting property owners and prospective buyers, ERG provides banks, appraisers, attorneys, and accountants with information and skill sets that support them in their respective roles. Through strategic alliances with select companies we are able to offer our clients access to mortgage brokerage, direct capital services and investment sales brokerage.
 



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