CBRE Group, Inc., has completed the sale of Sierra Verde Shopping Center, a Sprouts Farmers Market-anchored retail property at the northwest corner of Deer Valley Road and 67th Avenue in Glendale, Ariz.
Glenn Smigiel, Bob Young, Steve Brabant and Rick Abraham with CBRE’s Phoenix office represented the seller. The buyer was Phoenix West Holdings, LLC. The sale occurred via Ten X, an online commercial and residential auction marketplace.
“Sierra Verde provides the investor the stability of a grocer anchored retail center with strong upside through lease-up of a vacant junior box. The property is further enhanced by the surrounding upscale Glendale neighborhood,” said CBRE’s Smigiel.
The 89,710-square-foot Class A shopping center was built in 1997. The multi-tenant property also includes a Cold Beer and Cheeseburgers restaurant, Chase Bank, a dual Taco Bell/KFC, Streets of New York and State Farm. The center also features convenient access to Loop 101 and is within proximity to Arrowhead Towne Center.