Glendale, Ariz. — Gantry has secured $13 million of permanent financing for the acquisition of a 11.57-acre parcel at Arrowhead Marketplace in Glendale. Tim Storey of Gantry’s Phoenix office secured the 10-year, fixed-rate loan featuring a 25-year amortization for the borrower, Arizona Partners, through a correspondent life company lender. Office Depot, Dollar Tree, Boot Barn, Party City and Salt Creek Home Furnishings are tenants at the 128,500-square-foot retail center.
Chandler, Ariz. — Evergreen Devco has sold Chandler Pavilions, a 163,286-square-foot retail center located in the Phoenix suburb of Chandler, to Schnitzer Properties for $29 million. The shopping center was fully occupied at the time of sale by tenants including Sportsman’s Warehouse, Golf Galaxy, Chipotle Mexican Grill, Cost Plus World Market, REI, Mountain Mikes and Jimmy John’s. Patrick Dempsey, Gleb Lvovich and Patrick Anthon of JLL negotiated the transaction on behalf of the seller. The property is situated on 18 acres at 800-890 N. 54th St.
Chandler, Ariz. — Phoenix Commercial Advisors has negotiated the $16.7 million sale of SanTan Gateway South, a grocery-anchored shopping center located in the Phoenix suburb of Chandler. Situated on 6.8 acres at the intersection of Arizona Avenue and Loop 202 Freeway, the 56,852-square-foot property was 100 percent leased at the time of sale. Tenants include Starbucks Coffee, Patel Brothers, Bright Now! Dental and Orthodontics, and Bethel Church. John Schweikert, Danny Gardiner and Chad Tiedeman of Phoenix Commercial Advisors represented the undisclosed seller in the transaction.
Phoenix and Scottsdale, Ariz. — MDC Realty Advisors, a subsidiary of Epic Investment Services, has sold two shopping centers totaling 38,274 square feet in Phoenix and Scottsdale for $25.7 million. Dispositions include Corner on 7th, a 16,202-square-foot strip center located at 527-539 W. McDowell Road in Phoenix; and The Marketplace at Lincoln and Scottsdale, a 22,072-square-foot neighborhood center located at 6560-6590 N. Scottsdale Road in Scottsdale. Corner on 7th was 93.5 percent leased at the time of sale to Ahi Poke, Wingstop, Vovemeena, Mad Greens, Chipotle Mexican Grill, Zoyo, Cryotherapy …
Buckeye, Ariz. — A partnership between Vestar and DMB Development has unveiled plans for Verrado Marketplace, a 500,000-square-foot development located in the Phoenix suburb of Buckeye. The project will include a grocery store, apparel and home décor stores, a department store, movie theater, specialty shops, restaurants and service providers alongside public outdoor spaces. The development site is located near Verrado, an 8,800-acre master-planned community. Construction is scheduled to begin in mid-2023 following necessary approvals from the City of Buckeye.
Flagstaff, Ariz. — Marcus & Millichap has arranged the sale of Canyon 66 Plaza, a retail property located at 1416 E. Route 66 in Flagstaff. A limited liability company sold the center to an undisclosed buyer for $11.8 million. Nick Christifulli, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller, while Ruble and Lind procured the buyer in the deal. Currently being remodeled, Canyon 66 Plaza features 50,606 square feet of retail space.
Phoenix — Newmark has arranged the $16.4 million sale of Phoenix West Plaza, a retail center located at 4344 W. Indian School Road in Phoenix. At the time of sale, the 163,233-square-foot property was 93 percent occupied by 25 tenants. The seller originally purchased the property in 2012 and invested $5 million in renovations and repairs. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the seller, Aetna West, in the disposition of the property to an undisclosed buyer.
Tucson, Ariz. — Cushman & Wakefield | PICOR has arranged the sale of a 45,556-square-foot retail property located at 770 N. Kolb Road in Tucson. The building was formerly occupied by a discount movie theater that closed in March, according to the Arizona Daily Star. VRE Storage Tucson Kolb LLC acquired the property from Century Theaters for $4 million. Greg Furrier of Cushman & Wakefield | PICOR represented the seller, while James Montgomery of Verdad represented the buyer in the deal.
Cave Creek, Ariz. — Phoenix Commercial Advisors has arranged the sale of The Shops at Dynamite Creek, a neighborhood retail center located at the entrance of Tatum Ranch master-planned community in Cave Creek, about 26 miles from Phoenix. David Malin of Scottsdale Development Partners sold the property to an undisclosed buyer for $21.9 million foot. Located at 28242 N. Tatum Blvd., The Shops at Dynamite Creek features 69,755 square feet of retail space. At the time of sale, the property was 96 percent leased to tenants including Ace Hardware, RE/MAX, …
Tempe, Ariz. — Faris Lee Investments has arranged the sale of Costco Plaza, a 237,000-square-foot shopping center shadow-anchored by Costco at the southeast corner of Elliot Road and Priest Drive in Tempe. A Southern California-based private investor sold the property to a Southern California-based developer for $27.8 million. MacLellan of Faris Lee Investments represented the seller in the transaction.
