CBRE has completed the sale of Village Center, a 171,129-square-foot shopping center located at 4304 E. Cactus Road in Phoenix. The asset, which is highlighted by a unique Target ground-lease, commanded a sale price of $24.75 million.
A team of brokers including Jesse Goldsmith and Steve Julius with CBRE’s Phoenix office and George Good and Christian Williams with CBRE’s Oakbrook, Illinois office negotiated the sale. The seller was undisclosed. The buyer was Scottsdale, Ariz.-based Camino Verde Center, LLC.
“Village center offered the buyer a chance to purchase a high performing Target store on a below market ground lease,” said CBRE’s Goldsmith. “Village Center was one of the few class A opportunities currently on the market, and it’s been a high-performing property since it was developed in 1986. I anticipate that center will only become more successful in the future.”
Village Center was originally marketed as part of a six-property portfolio; however, the deal was sold separately from the rest of the portfolio.
Village Center was last sold as part of the nine-property Phillips-Edison Fund IV Portfolio in August 2014. The national portfolio was purchased from Phillips Edison Fund IV REIT, LLC for a sum of $150 million.