June 5, 2020
SRS Real Estate Partners’ National Net Lease Group completed the $11.7 million sale of The Collective Sedona, a 52,518-square-foot shopping center in in Sedona, AZ. The trophy property at 7000 AZ-179 was 84% occupied upon closing and features a unique and colorful architectural design across six buildings. The closing cap rate was 7.3%.
Built in 2000 and 2003, The Collective Sedona is situated on 6.16 acres. It is occupied by a number of tenants including Hilton Resorts, AmTrust Bank, Bay Equity Home Loans, Cucina Rustica and Snap Fitness.
SRS’ Sean Thomas represented the seller, an unnamed Arizona-based private investor. The undisclosed California-based private investor buyer was represented by Ashcraft Investment Company, Inc.’s Jim Ashcraft.
Thomas says, “This highly visible, turnkey asset provides an upside to the new ownership by leasing up the vacant space. Additionally, The Collective at Sedona is well-located in an affluent, high barrier to entry market with more than three million annual visitors.”
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