CBRE Group, Inc. has completed the sale of a vacant Sports Authority located at 4820 E. Ray Road in the Foothills Park Place shopping center in the Ahwatukee neighborhood of Phoenix. The 63,034-square-foot retail property commanded a sale price of $7.3 million ($116.00 per square foot).
Joseph R. Compagno with CBRE’s Phoenix office represented the seller. Greg Laing of Phoenix Commercial Advisors represented the buyer, MSF Ray Road LLC, who plans to open a Mountainside Fitness at this location.
“We had a lot of offer activity on this property and were very excited to work with Mountain Fitness in the acquisition. A fitness concept is the perfect tenant to complement the current tenant mix at the Foothills Park Place shopping center,” said CBRE’s Compagno. “Additionally, this is an incredibly high-profile site and is a very difficult trade area for tenants to penetrate because there is little to no vacancy.”
Ahwatukee boasts a top-rated school system, four lush golf courses, numerous shopping districts and an abundance of fine restaurants and parks.
In July 2016, Compagno also completed the sale of a 105,000-square-foot-single tenant JCPenney in the same shopping center.