Cushman & Wakefield announced today the sale of a retail shop building situated within the Corona Del Sol Shops shopping center in Chandler, Arizona, a suburb of Phoenix. The buyer was Nash LTD based in San Diego and the seller was PWREI Little Corona, LLC based on the outskirts of Seattle. Located at 4929 Ray Rd at the SEC of Ray Rd and Rural Rd, the 6,074-square-foot shop building is fully leased to three tenants and sold for $1.7 million.
Chris Hollenbeck, Executive Director with Cushman & Wakefield Phoenix represented the seller in the investment transaction.
“Supported by a great location, this was a very appealing retail investment opportunity featuring a new long-term lease with a strong corporate tenant, together with two established retailers in the community,” said Chris Hollenbeck. “Corona Del Sol Shops is positioned on two of Chandler’s major thoroughfares and provides excellent visibility with frontage on Ray Rd. The area also provides attractive retail demographics.”
Constructed in 2001, the shop building features tenants Athletico Physical Therapy, Sawtooth Bar & Grill and TURKdISH Mediterranean Cuisine. The asset is part of the larger Corona Del Sol Shops shopping center which is anchored by a new EOS Fitness and Goodwill store. The popular intersection is also home to several national retail tenants. The center is two miles from Interstate 10, Santan Freeway Loop 202 and Arizona State Route Loop 101, three of Phoenix’s major highways.