CBRE Arranges Sale of Phoenix Shopping Center
- Jul 13, 2018
CBRE has brokered the $16.6 million sale of Plaza at Power Marketplace, a shopping center in Phoenix’s submarket of Queens Creek, Ariz.
Located at 7225 S. Power Road and 18490-18550 E. Rittenhouse Road, the 2007-built property is within close proximity to the Arizona State University Polytechnic Campus and the Phoenix-Mesa Gateway Airport. Comprising 70,961 square feet, the 93 percent leased asset is anchored by LA Fitness, shadow-anchored by Home Depot and is home to several other tenants including Taco Bell, Edward Jones and Dunkin Donuts.
Executive Vice President Philip Voorhees and Vice President Jimmy Slusher with CBRE National Retail Partners-West, along with Vice President Steve Julius of CBRE’s Phoenix office, arranged the sale on behalf of the private New York seller and private California buyer.
The rest of the team included Vice President Jesse Goldsmith of the Phoenix office, Director Kirk Brummer, Associate Sean Heitzler and James Tyrrell, First Vice Presidents John Read and Megan Wood, Senior Vice President Preston Fetrow and Chief Financial Officer Matt Burson with CBRE NRP-West. Vice Chairman Patrick Arangio, Executive Vice President Jack Howard and Senior Vice President Kurt Altvater with CBRE’s National Loan and Portfolio Sale Advisors in New York were also involved in the deal.
“We are seeing a great deal of investor interest in Arizona currently. NRP-West has sold assets in Glendale, Tempe, Nogales, Cave Creek and Phoenix in the past nine months. The spread in cap rates that investors can find compared to California has created fairly robust demand in Arizona as a whole,” Heitzler told Commercial Property Executive. “The yield premium in secondary markets such as Queen Creek is a compelling one for investors in today’s low cap rate environment and the excellent restaurant and tenant sales are compelling from a real estate fundamentals perspective.”
In January, several members of the same team arranged the $40 million sale of Friendly Hills Marketplace, an 89,826-square-foot shopping center in Whittier, Calif. CBRE and NRP-West worked on behalf of the seller, Oppidan Inc. CBRE’s Debt & Structured Finance team also arranged an acquisition loan for the buyer, Golden Capital Whittier.
Images courtesy of CBRE