CBRE has completed the sale of the Shops at Desert Ridge Corporate Center located at 20910 North Tatum Boulevard in Phoenix, Ariz. The ±17,953-sq.-ft. freestanding specialty retail building commanded a sale price of $9.15 million.
Barry Gabel, Chris Marchildon, Steve Julius and Jesse Goldsmith with CBRE’s Phoenix office negotiated the transaction on behalf of the seller, Regent Properties out of Los Angeles. The buyer is The Shea-Four LLC out of San Jose, Calif., and was represented by Jeff Corner with Corner Commercial.
“The Shops at Desert Ridge offered a unique opportunity for the 1031-exchange buyer,” said Gabel. “The property benefits from a built-in consumer base adjacent to the property, including tenants from two class A office buildings, two class A medical office buildings, U.S. Bank,
a 104-room Holiday Inn Express and Mountainside Fitness.”
“We purchased Desert Ridge Corporate Center with a business plan to sell the retail portion at the right time as we are not in the retail business,” said Matthew Benbassat, Executive Vice President, Acquisitions & Management with Regent Properties. “We are pleased with the outcome and feel that the buyer made a strategic investment that will be profitable for years to come.”
Additionally, the property is within one mile of the ±1.2 million-sq.-ft. Desert Ridge Marketplace, the AAA 4-Diamond JW Marriott Phoenix Desert Ridge Resort & Spa, two championship golf courses and the ±628,000-sq.-ft. High Street mixed-use development.
The Shops at Desert Ridge Corporate Center is a multi-tenant specialty retail center that was 100 percent occupied at time of sale. The property features a solid mix of credit tenants including, Pita Jungle, Subway, and Scottrade, among several other neighborhood retailers.