Phoenix Commercial Advisors announced the closing of Bush’s Chicken and the Shops at Riley Park in separate transactions, Tuesday. Bush’s Chicken, located on 1.08 acres, and the shops, located on 0.91 acres, sit on the southeast corner of Val Vista Drive and Williams Filed Road at 2505 S. Val Vista Dr., Gilbert, Ariz., and 2475 S. Val Vista Dr., Gilbert, Ariz., respectively. Bush’s Chicken, 3,000 square feet, sold for $2,750,000 and with a record cap rate of 5.82% for a STNL Bush’s Chicken nationally, according to CoStar. The price per square foot was $916.67. The shops, 9,836 square feet, sold for $5,200,000, $528.67 per square foot.
Both buildings, built in 2017, were 100 percent leased by Lance Umble and Torrey Breigel at Phoenix Commercial Advisors. The shops house a mix of local and national tenants, including Pearle Vision, FirstWatch, Lady Jane’s Haircuts for Men, Planet Sub, and Herbal Nails and Spa. Chad Tiedeman at Phoenix Commercial Advisors represented the seller, SimonCRE, for both deals.
“This is one of the most dynamic areas in Phoenix metro,” Tiedeman said. “You have very high incomes in the immediate area, with over 45 percent of the population earning above $100,000.”
Formed in 1994, Phoenix Commercial Advisors is a highly focused commercial real estate services company. The company specializes in retail commercial brokerage in Phoenix, Tucson, and surrounding Arizona communities, providing leasing, tenant representation, investment and redevelopment services to local and national retailers and property investors. Offering the expertise of nearly 250 combined years of experience, Phoenix Commercial Advisors is also member of ChainLinks Retail Advisors, the premier national retail platform connecting elite brokerage companies across the top 50 North American markets.