CBRE has completed the sale of Ocotillo Plaza, a 123,000-square-foot neighborhood shopping center located at 2840 S. Alma School Road in Chandler, Ariz. The asset sold for $13.57 million.
Cam Stanton of CBRE’s Phoenix office represented both parties in the transaction. The seller was Ocotillo Plaza Investors LLC of Roseville, Calif. The buyer was Ocotillo Plaza De Rito-P Retail LLC, located in Phoenix.
“De Rito was looking for a large, value-add asset in the Chandler area, and they have it in Ocotillo Plaza,” says Stanton. “It is in an excellent location with proximity to the Price Road Business Center immediately west, which is one of the strongest employment hubs in the metro area.”
“This is a great project in a great location,” said Iver Bowden, COO of De Rito Partners. “Other retail centers at this intersection are fully leased, so we are excited about Ocotillo Plaza’s potential. It was great working with Cam on this project.”
Built in 1986, Ocotillo Plaza shares the intersection of Alma School and Queen Creek roads with an Albertsons-anchored center on the southeast corner and a Sprouts-anchored center on the northeast corner. Ocotillo Plaza was 29 percent leased at the time of sale.