Newmark Knight Frank (“Newmark”) announces it has completed the sale of two retail investment properties in Phoenix, Arizona – McDowell Plaza and Fry’s Shops at 35th & Peoria – for approximately $5 million to two separate investors.
Newmark Senior Managing Directors Steve Julius and Jesse Goldsmith and Associate Director Chase Dorsett brokered the transactions.
Located at 4132 E McDowell Road, McDowell Plaza was acquired by Desert Valley Industries, LLC for $1.945 million and sold at $248 per square foot. The seller was SNDLA, LLC. McDowell Plaza is a 7,815-square-foot property built in 1974 with a current average tenancy of 13 years.
“McDowell Plaza presented a great opportunity to acquire a strip center with rare, small suite sizes averaging roughly 700 square feet,” said Dorsett. “The buyer viewed this as a safe, long-term investment due to the seasoned tenants and nearby residential growth.”
Fry’s Shops at 35th & Peoria, located 10410 N 35th Avenue, sold for $3.76 million, approximately $317.74 per square foot, to South Coast Commercial, LLC. The seller was 35th Ave & Peoria Investors, LLC. The multi-tenant property totals 11,818 square feet and is 100 percent occupied by seven tenants.
“I’m excited for Southcoast on this acquisition as the property stands out because it is shadow anchored by Fry’s, and the shadow space is 100 percent visible from 35th Avenue,” said Goldsmith. “The property is a great long-term hold for this seasoned southeast buyer.”
Julius, Goldsmith and Dorsett continue to be active, completing 18 transactions year-to-date with 5 properties under contract, further confirming Metro Phoenix’s strong fundamentals, the rebound of the retail sector and expected growth for the market.