Phoenix, Arizona – CBRE has completed the sale of The Shoppes at Windmill Square, a freestanding, multi-tenant retail center located at 3950 West Ray Road in Chandler, Ariz. The 8,330 square-foot retail property is 100 percent leased to two food & beverage-focused tenants: Helluva Brewing Company and Chicago’s Pizza with a Twist.
The property commanded significant investor interest and a sale price of $2.57 million or $309 per square foot.
Andrew K. Fosberg, Dylan A. Brown and Ryan Eustice with CBRE’s Phoenix office represented the seller, Bergougnan Family Group, LLC of Mesa, Ariz.
Originally developed in 2005, the property was completely renovated in 2018 for both tenants and is shadow-anchored by CVS Pharmacy, AutoZone, Papa Murphy’s Pizza, 20/20 Image Eye Centers and Solar Waves Tanning, among others.
“The Shoppes at Windmill Square is an excellent example of a fully renovated, internet-resistant retail shops building in the fast-growing Southeast Valley of metropolitan Phoenix,” said CBRE’s Fosberg. “The Property’s location, long-term leases and renovated suites drove significant investor interest.”
The buyer, West End Hotel, LLC, was represented by Bob Broyles of Colliers International.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.