J.A.M.S. Investment, Inc. Acquires Retail Property In Phoenix For $17.25M
3223 W Indian School Rd Phoenix, AZ 85017, USA
$17,250,000
$165/SF
Building Size
103,970 SF
Asset Type
Retail
Closing
Jun 16, 2023
About this deal
AI
The retail property located at 3223 West Indian School Road in Phoenix has been sold. The property spans across 103,970 square feet, with a price per square foot of $166. The transaction was closed on 06/16/2023, with a sale price of $17,250,000. The property has a cap rate of 7.6%.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $17,250,000
- Square Footage: 103,970
- Price per Square Foot: $166
- Cap Rate: 7.6%
- Address: 3223 West Indian School Road
- Market: Phoenix
The buyer of the property is J.A.M.S. Investment, Inc., represented by Seppi Esfandi. The seller is Bill Kelly from Diamond Ventures. The transaction was facilitated by Pooya Dayanim from Dayanim Real Estate Corporation.
The retail center is currently 100% occupied, with Cardenas as the anchor tenant. Cardenas has 11 years remaining on their lease. The center is also shadow-anchored by Costco. The property traded at approximately a 7.6% cap rate.
Players
Phoenix Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.92%
Cash-on-Cash
-0.26%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93