TriGate Capital, RSP Partners Trade Phoenix Retail Center
- Aug 14, 2018
The Niki Group has acquired Elliot Plaza, a 147,469-square-foot retail center from a joint venture between TriGate Capital and RSP Partners. The buyer paid $26.1 million for the property, according to Maricopa County records. Wells Fargo provided $17.3 million in financing for the deal.
Located at the southwest corner of West Elliot Road and South Priest Drive, the property’s buildings are positioned close to a number of car dealerships and a short distance from both a Walmart Supercenter and a Costco. The Maricopa Freeway runs a stone’s throw west of the asset, enabling access to downtown Phoenix and to the metro’s Sky Harbor International Airport.
The shopping center is anchored by an LA Fitness and is home to a variety of other tenants, including The Tile Shop, the Tempe Black Bear Diner and a Goodwill donation center.
“This was great execution of repositioning a well-located asset through the redevelopment and re-tenanting of several tenant spaces, resulting in a desirable stabilized asset,” said Paul Sharp, senior vice president of TriGate, in a prepared statement.
A CBRE team led by Jesse Goldsmith, Steve Julius and Philip Voorhees represented the seller in the transaction, their second sale this year involving an LA Fitness-anchored retail asset.
Image via Google Maps