Photo by Max Efrein.
Originally Published: June 7, 2016 5:34 p.m.
Updated as of Wednesday, June 8, 2016 6:02 AM
The vacant grocery store property in downtown Prescott, last occupied by Haggen, has sold for $3.25 million.
CBRE Group, a Los Angeles-based real estate and investment firm, completed the sale of the property, located in the Depot Marketplace retail center at the northeast corner of Montezuma and Sheldon streets, according to a June 7 news release.
The building features 43,946 square feet on more than four acres.
Nancy McClure with CBRE’s Tucson office negotiated the transaction along with Arizona Commercial brokers Mary Jo Kirk and Bebe Wright. The seller was GIG TCG Wave Master Property Owner, LLC of New York, New York.
The buyer was KDC Depot Marketplace, LLC, an entity formed by Kitchell Development Co.
“Depot Marketplace is a well-located, highly trafficked retail property,” McClure said. “As such, we had a significant amount of activity from potential buyers – both investors and users – and ended up with five offers on the table.”
The fully-equipped grocery store property was most recently occupied by Haggen, which had taken over the space when Albertson’s vacated in its merger with Safeway. Haggen shut down the store in December 2015 after filing Chapter 11 bankruptcy.
Going forward, according to the news release, Kitchell plans to re-tenant the property within the year.