Phoenix Commercial Advisors announced the closing of the Shops at 9th and Bell, a high-profile multi-tenant, infill property in North Phoenix, Monday. The shops, located on 1.66 acres on the northeast corner of North Ninth Street and East Bell Road at 950 E. Bell Road, Phoenix, Ariz., sold for $6,599,000. The final price, which was 96 percent of the asking price, resulted in a 6.23 percent cap rate and a figure of $545.96 per square foot.
The 12,087-square-foot building, built in 2017, was 100 percent leased by Lance Umble at Phoenix Commercial Advisors with a mix of local and national tenants, including Cafe Rio, Smashburger, The Flame Broiler, La Vie En Nail Spa, Arizona Hair Co and Blaze Pizza. Chad Tiedeman and Steven Underwood at Phoenix Commercial Advisors represented the local seller, Evergreen Devco. The buyer, Perry Investments, purchased the transaction as part of a 1031 exchange.
“The tenants should see an increase in sales as the apartments and single-family homes adjacent to the property complete build-out,” Underwood said.
“This is a great example of an infill redevelopment that adds value to the community by creating jobs while servicing the needs of the neighborhood, and in turn supporting local and national restaurants and service-based retailers,” Tiedeman said.
Formed in 1994, Phoenix Commercial Advisors is a highly focused commercial real estate services company. The company specializes in retail commercial brokerage in Phoenix, Tucson, and surrounding Arizona communities, providing leasing, tenant representation, investment and redevelopment services to local and national retailers and property investors. Offering the expertise of nearly 250 combined years of experience, Phoenix Commercial Advisors is also member of ChainLinks Retail Advisors, the premier national retail platform connecting elite brokerage companies across the top 50 North American markets.