A Peoria O’Reilly Auto Parts property is part of a two-piece package that has been sold to California investors JD 2 LLC for a total of $3.4 million. The first property is at 8964 W. Peoria Ave. and the second is in Apache Junction.
The portfolio of single tenant properties totaling 12,698 square feet are 100 percent leased to O’Reilly Auto Parts, one of the largest suppliers of auto parts. Located at the northeast corner of 91st and Peoria avenues, 8964 W. Peoria Ave. sold for $1,895,600 to San Diego-based Income Property Investors Inc. Located at the southeast corner of Ironwood Drive and Apache Trail, 1401 W. Apache Trail sold for $1,525,000 to Yigal Hovav of Huntington Beach, Calif.
“The properties were 100 percent leased with long-term leases to O’Reilly Auto Parts. We were able to time both of the transactions to close within the same week of each other so that the seller is now able to 1031 exchange into one larger property,” Cushman & Wakefield’s Chris Hollenbeck said.
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