CBRE has completed the sale of Metro Commons, a multi-tenant retail center located at 3121 W. Peoria Ave. in Phoenix, Ariz. The ±17,755-square-foot, class A retail center commanded a sale price of $7.78 million.
Andrew Fosberg, Cam Stanton, Chris Ackel and Molly Busch with CBRE’s Phoenix office represented the seller, an entity formed by Jacor Partners of Phoenix, AZ. The buyer was Brentwood, CA Roseben MC, LLC.
“Metro Commons is an excellent example of a quality, in-fill redevelopment project. The seller tore down an old office building and turned the corner into thriving retail location,” said CBRE’s Fosberg. “The strip retail center commanded an impressive per square foot price of $438.”
Metro Commons was 100 percent leased at time of sale and home to nationally recognized tenants, including Verizon, Smashburger, The Joint, Potbelly’s, Menchie’s, Mod Pizza and Yogi’s Grill, among others. The property and its tenants benefit from excellent visibility and signage along Peoria Avenue. Metro Commons also benefits from freestanding Chick-Fil-A and Starbucks pads that shadow-anchor each side of the property.