Cassidy Turley, a leading commercial real estate services provider in the U.S., has announced that Four Peaks Plaza, a 140,390-square-foot power retail center in Fountain Hills located at 16735-16845 East Shea Boulevard, sold for $9.9 million.
Executive Managing Directors Ryan Schubert and Michael Hackett with Cassidy Turley’s Retail Capital Markets Group represented the seller, Retail Properties of America, Inc. (RPAI) of Oak Brook, IL. The buyer was an affiliate of Sandor Development, NSHE Los Gatos, LLC.
“Four Peaks Plaza is a recently constructed power center that services an affluent population in Fountain Hills,” Mr. Hackett says. “The property offered the buyer income with in-place leases and the ability for additional cash flow through the lease-up of the available ±36,133 square feet.”
Built in 2002, Four Peaks Plaza is situated on ±17.66 acres at the intersection of East Shea and Saguaro boulevards. The center is anchored by Target, which was not part of sale, and includes a diverse roster of prominent national retailers including Pier One Imports, Hi-Health, Starbuck’s, Subway and O’Reilly Automotive. Four Peaks Plaza was 74 percent leased at the time of sale.