CBRE has completed the sale of Peoria Marketplace, a ±25,481-square-foot multi-tenant shopping center in Peoria, AZ. The grocery shadow-anchored retail property is located at 7521, 7549 and 7611 West Cactus Road and commanded a sale price of $5.1 million.
Steve Julius and Jesse Goldsmith with CBRE’s Phoenix office negotiated the transaction between the seller, G and T Retail Properties, LLC of Phoenix, and the buyer, Westlake Village, Calif.-based Barstow Shopping Centers, LLC. Jeff Levine, managing member with G and T Retail Properties, was also heavily involved in the sale process.
“This property meets our investment objectives of well-located and designed retail centers, with a diversity of good tenants, that produce income with the opportunity for growth in income and value,” says Jim Howard, Managing Partner with Progression REI.
“Peoria Marketplace is a stable asset with future upside,” says CBRE’s Goldsmith. “The property has performed well since it was developed and 25 percent of the rent roll is comprised of national tenants. In addition, the property has a strong leasing history due to the grocery anchor and strong traffic counts.”
Built in two phases in 2001 and 2002, the property is situated on ±3.58 acres at the southwest corner of 75th Avenue & Cactus Roads in Peoria. The property, which was 91 percent occupied at time of sale, features a strong tenant mix including national tenants like Farmers Insurance, H&R Block, Panda Express, Little Caesar’s Pizza and Subway. Traffic is heavy in and around the property due to its excellent visibility and its grocery shadow anchor, Lee Lee International Supermarket. The property also benefits from its location in a very dense suburban area with an estimated 123,000 residents within a three mile radius.