PHOENIX, ARIZ. – CBRE negotiated the sale of a multi-tenant retail center located at Bell Road and 43rd Avenue in northwest Phoenix. Estrella Properties, LP, based in Scottsdale, Ariz., acquired the property for $4.45 million.
CBRE’s Jesse Goldsmith, Steve Julius, and Chase Dorsett represented the seller, Bell Properties, LP.
“Orsett was a pleasure to represent. They meticulously maintained this retail asset since purchasing it in 1989 when they first made a presence in Phoenix. The buyer is acquiring a center with impeccable traffic counts and a hard corner pad that is hard to replicate,” said Goldsmith.
Located at 4251 and 4255 W. Bell Rd., Bell Plaza is 88 percent occupied and features a mix of local and national tenants including Circle K, Title Max, Watermill Express and MetroPCS.
The property is situated in a dense residential neighborhood with more than 56,000 household units in a three-mile radius. It also benefits from strong visibility along Bell Road with more than 58,000 daily vehicles.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.