Canadian investor acquires 117,344-sf grocery-anchored retail asset 96.5% occupied
Cushman & Wakefield announced the firm has brokered the sale of Ocotillo Plaza, a 117,344-square-foot retail shopping center located at the northwest corner of Alma School and Queen Creek roads in Chandler (Phoenix), Arizona. The property sold for $25.1 million.
The seller was an entity formed by Arizona-based DeRito Partners and the buyer was Ocotillo Plaza Chandler LP, based out of Saskatoon SK Canada. Michael Hackett and Ryan Schubert with Cushman & Wakefield in Phoenix represented the seller in the transaction.
Ocotillo Plaza is a high quality grocery-anchored shopping center situated on approximately 13 acres. The property is located between two of the Southeast Valley’s largest employment corridors, the Price Road employment corridor and Chandler Airpark, home to many Fortune 500 companies, with further office and industrial development on the horizon.
The center was 96.5% leased to a diverse COVID and e-commerce resistant tenant roster at the time of sale. “Ocotillo Plaza is a stabilized grocery-anchored asset in the one of the most sought-after submarkets in Metro Phoenix. DeRito partners created consistent cash flow for the new ownership to enjoy going forward,” added Michael Hackett, Executive Managing Director.