CBRE has completed the sale of the Verrado Main Street located in the master planned community of Verrado in Buckeye, Ariz. The investment sale consisted of the ±66,085-square-foot, mixed-use office and retail commercial core and an additional 6.88 acres of land. The assets commanded a sale price of more than $13.02 million.
Barry Gabel and Chris Marchildon with CBRE’s Phoenix office represented the seller, Scottsdale, Ariz.-based DMB. The buyer was HCCJ Family GP, LLC, also of Scottsdale, Ariz.
Dana Summers, Bruce Francis, Robert Ybarra and Shaun Moothart with CBRE’s Capital Markets Debt & Structured Finance team arranged a $7.3 million acquisition loan on behalf of the buyer.
“Verrado’s popular downtown district is really the heart of the community,” said CBRE’s Gabel. “The mixed-use commercial center has had an exceptional leasing history since its inception. Retailers and office-users alike have experienced great success and with an ever growing residential population, the Verrado Main Street will prove to be a solid investment for the buyer.”
The Verrado Main Street consists of two, class A office buildings and the community’s Main Street retail, which includes a Bashas’ Grocery, CVS Pharmacy, and a diverse group of shop tenants. The office space is fully leased and the retail space was more than 94% leased at the time of sale. The sale also included two parcels consisting of 6.88-acres that are zoned for future commercial and mixed-use development.
“The people who live and work in Verrado make it a very unique and vibrant community,” highlighted the buyer. “Between the resurgence of builder activity in Verrado over the last 18 months and the launch of the new 55-plus Victory District, this project is very well positioned for the long-term, which perfectly fits our family investment philosophy. We are looking forward to accompanying local business owners and residents in the future growth of their community alongside DMB and their professional and visionary team.”
Mike Burke, DMB’s vice president of development, gave more background on the project, “As part of our long term vision for DMB’s commercial properties, we are focused on planning, constructing, leasing and then selling these successful projects. Verrado’s Main Street has been growing and evolving since our opening day here more than 10 years ago. We have a strong tenant mix here and we look forward to seeing this district continue to grow in the future.”