Phoenix, Ariz. – The Phoenix office of JLL has completed the $11.2 million sale of Ocotillo Plaza, a redeveloped retail building situated in the heart of Chandler’s Ocotillo area, a thriving residential, retail and employment hub adjacent to the popular Price Road commercial corridor.
JLL Senior Vice Presidents Peter Baum an and Tivon Moffitt, Senior Managing Director Dennis Desmond and Senior Vice President Tyson Switzenberg represented the building seller, Thompson Thrift Retail Group. Nina Patel represented the buyer, Southern California-based Slater Avenue II LP.
Ocotillo Plaza totals 121,829 square feet at 2880 S. Alma School Road, on the northwest corner of Queen Creek and Alma School roads in Chandler, Arizona. The building and 10-acre site was purchased in 2017 by Thompson Thrift and then renovated from a former Target store into a multi-tenant retail building that is now fully leased to Goodwill and the flagship location of Shoppers Supply, a ranch, home and outdoor supply retailer.
The repositioned building sits within the larger Ocotillo Plaza shopping center, which is also in the process of a redevelopment that includes the addition of an Aldi supermarket. It is part of a desirable retail corridor boasting anchor tenants such as Albertsons, HomeGoods, Office Max, Sprouts and Stein Mart.
“Investors continue to be attracted to high quality, stabilized greater Phoenix commercial real estate, and that created significant investor demand for this listing,” said Bauman. “The area’s demographics, combined with this building’s newly renovated space and its stable long-term tenancy, were a strong draw for the buyer. We were very pleased to work with them on a property that we believe will provide a high-quality, income-producing asset for their portfolio.”
“It has been a pleasure to work with the entire JLL team on this transaction,” said Chris Hake, Thompson Thrift Vice President, Director of the Southwest Region. “We feel this redevelopment exemplifies the need for creativity in today’s retail real estate environment. As the Prie Road corridor continues to grow its office presence and its number of daily employees, this intersection of Alma School and Queen Creek Road will continue to show strong results from the retailers that are located there. Again, thank you to Tyson Switzenberg, Peter Bauman and Tivon Moffitt for their outstanding work on this project.”
Ocotillo Plaza is the second project sold by the JLL team in the Ocotillo/Price Road corridor area in the past few months. Their other recent transaction was the sale of a single-tenant, Class A office building located on the Price Road corridor. That office building, which is fully occupied by Walgreens, sold during the first quarter for $16.7 million.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 83,500 as of March 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
In Phoenix, JLL is a market leader employing more than 580 of the region’s most recognized industry experts offering office, industrial, retail, healthcare and data center brokerage, tenant representation, facility and investment management, capital markets, multifamily investments and development services, and related services within the real estate leasing, investment and management process. In 2017, the Phoenix team completed 35.7 million square feet in lease and sale transactions valued at $1.9 billion, directed $112 million in project management and currently manages a 24.2 million-square-foot portfolio. For more news, videos and research resources on JLL, please visit ir.jll.com or www.jll.com/phoenix.