CBRE has completed the sale Stratford Plaza located at 1219 E. Glendale Avenue in Phoenix. The ±20,400-sq.-ft. retail strip center was 84 percent occupied at time of sale and commanded a sale price of more than $2.27 million.
Steve Julius and Jesse Goldsmith with CBRE’s Phoenix office negotiated the transaction. The seller was La Crescenta Properties of California. The buyer was Phoenix-based Jacor Partners.
“This is a good purchase for Jacor. Infill properties continue to be sought after, and it’s rare to find quality product in such a dense part of Phoenix,” said CBRE’s Goldsmith. “The neighborhood is evolving, and with new local ownership Stratford Plaza should see much success.”
Stratford Plaza is well located and benefits from exceptionally busy traffic on Glendale Avenue, which averages ±38,130 vehicles per day. The property also thrives due to its proximity to the 51 freeway, and its proximity to the Biltmore district. Additionally, the very popular Luci’s Healthy Marketplace is opening its highly anticipated The Orchard concept just north of the subject property on 12th Street, which will further drive traffic to the area.