Team closes five shopping center transactions in April totaling $21 million
PHOENIX, ARIZ. – CBRE announced the sale of two Phoenix-area retail properties in Chandler and Surprise, Ariz. totaling $5.5 million.
- Monterey Vista Village, located at 900 E. Pecos Rd. in Chandler, is a 13,211-square-foot retail pad anchored by AutoZone. An Arizona-based private investor acquired the multi-tenant asset for $3 million. The seller, CIRE Equities of San Diego, was represented by CBRE in the transaction.
- CBRE represented Mariah Properties, LLC in the $2.5 million acquisition of Marley Park Plaza, a 4,542-square-foot retail pad located at 13953 W. Waddell Rd. in Surprise. The seller was ABDD Arizona RE of New Jersey. The three-tenant property is fully leased by Dunkin Donuts, The Joint Chiropractic and Marco’s Pizza.
“The retail investment sales market for 2019 has started strong in Phoenix. Year to date, we’ve completed 27 transactions across Maricopa County, and we’re continuing to see the trend of out-of-state investors coming to Arizona, which last year, accounted for 63 percent of our buyers,” said Julius. “They have not been discouraged by the threat of internet sales, since most of these neighborhood centers are home to everyday users such as restaurants, service providers, and convenience-based retailers.”
The team closed five transactions totaling $21 million during April. Previously, the team completed the sales of Silverstone Plaza, Bell Plaza and Duke Plaza in three separate transactions.
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.