Newmark Knight Frank (“Newmark”) announces it has completed the sale of The Plant Shops North and South, two adjacent shopping centers in Chandler, Arizona, for $18.3 million.
Newmark’s Senior Managing Directors Steve Julius and Jesse Goldsmith along with Associate Director Chase Dorsett facilitated the transaction. The buyer, Armstrong Capital Development, is actively pursuing other commercial real estate opportunities in the market.
“This latest acquisition is consistent with our strategy to acquire high quality, complementary retail assets in superb locations with strong tenant rosters,” said Josh Katzer with Armstrong Capital. “As a core asset that provides long-term value, The Plant Shops makes a terrific addition to our portfolio while expanding our footprint in the greater Phoenix market.”
Situated at 4205 & 4225 S Gilbert Road, the portfolio features new high-quality construction completed in 2018 with sleek modern architecture design elements. The property, comprised of 30,820 square feet, is 92% leased to a strong mix of internet-resistant tenants, including Barre3, AT&T, Zoyo Yogurt, Tryst Café and Dunkin Donuts to name a few.
“The Plant Shops is the type of center that is extremely attractive to buyers as of late – high traffic intersection fed by two grocers, shops with high visibility, a drive thru on the end cap and restaurants with patio space,” said Julius.
Julius, Goldsmith and Dorsett have been active as of late, completing 16 transactions year-to-date with seven properties under contract, further confirming Metro Phoenix’s strong fundamentals, the rebound of the retail sector and expected growth for the market.