Cole Real Estate Investments, a Phoenix-based property investment firm, acquired the retail building at 2360 W. Kenosha St. in Broken Arrow, OK from Cresta Development for $6.8 million, or approximately $166 per square foot.
The 40,961-square-foot freestanding building is currently occupied by Gold's Gym on a 15-year lease that commenced in September of 2009, the year the building was built. The master lease includes a 10 percent rent increase in five-year increments.
John Bacon of Cole Real Estate Investments represented the buyer, while Darren Sides of Porthaven Partners represented the seller.
Please see CoStar COMPS #2553538 for more information on this transaction.
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