Phoenix — An entity formed by Allard Developments has purchased Arcadia Fiesta, a shopping center located at the southwest corner of 32nd Street and Indian School Road in Phoenix. An entity formed by a joint venture between DeRito Partners and Van Tuyl Cos. sold the asset for $41.6 million. The 154,436-square-foot center was fully leased at the time of sale. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the seller in the transaction.
Phoenix — JLL Capital Markets has brokered the sale of Block 23 in downtown Phoenix for $150 million. Completed in 2019, the property consists of 307,030 square feet of Class A office, retail and amenity space. Located at 101 E. Washington St., Block 23 is 95 percent occupied by tenants such as Western Alliance Bank, EY and Chase. The asset is immediately adjacent to CityScape Phoenix, a new 1.2 million-square-foot mixed-use property, and is directly across from Footprint Center where the Phoenix Suns play. Block 23 is home to Fry’s …
Phoenix — Marcus & Millichap has brokered the $2.1 million sale of a retail building located at 5349 W. Baseline Road in Phoenix. Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, an undisclosed partnership, and procured the buyer, an undisclosed limited liability company, in the deal. O’Reilly Auto Parts occupies the 7,000-square-foot property, which was built in 2006. The tenant recently executed its first five-year renewal option with 10 percent rental increases every five years.
Goodyear, Ariz. — ORION Investment Real Estate has brokered the sale of Central Marketplace, a 62,000-square-foot retail center located in the Phoenix suburb of Goodyear. A California-based seller sold the asset to an undisclosed buyer for $9.8 million in an all-cash transaction. Ari Spiro, Sean Stutzman, Michael Achtman and Jennifer Eggert of ORION brokered the transaction. At the time of sale, the center was 98 percent occupied by tenants including 99 Cents Only.
Gilbert, Ariz. — Newmark has arranged the sale of Centre at Higley-Williams Field, a shopping center located roughly 22 miles outside Phoenix in Gilbert. Bruce Galloway of Higley Evergreen sold the asset to Brandon Sparks of BedTech for $5.3 million. Built in 2004, Centre at Higley-Williams Field features 12,190 square feet of retail space leased to six tenants. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the seller and buyer in the deal.
Chandler, Ariz. — FAT (Fresh. Authentic. Tasty.) Brands Inc. has agreed to acquire Native Grill & Wings, a Chandler, Arizona-based restaurant chain, for $20 million. The seller was Wingtime LLC, a subsidiary of Cybeck Capital Partners LLC. FAT Brands will fund the acquisition with cash from the issuance of new notes from the company’s securitization facilities. The transaction is expected to close in December. Foley & Lardner LLP acted as legal counsel for FAT Brands, and Taft Stettinius & Hollister LLP acted as legal counsel for Wing Time. FAT Brands …
Phoenix — SRS Real Estate Partners’ Investment Properties Group (IPG) has brokered the $65.8 million sale of Arcadia Crossing, a 453,457-square-foot grocery-anchored center located at 44th Street and Thomas Road in Phoenix. Chris Tramontano, John Redfield, Mike Polachek and Brian Polachek of SRS IPG represented the seller, a Phoenix-based family office. Pinnacle Real Estate Partners represented the buyer, a Denver-based family office. Mike Polachek and Brian Polachek with SRS Real Estate Partners are the leasing team for the property. Situated on 44 acres, Arcadia Crossing was 95 percent leased at …
Gilbert, Ariz. — Phoenix Commercial Advisors has negotiated the $10 million sale of Shops at Cooley Station, a 15,912-square-foot retail center located at 4049 E. Williams Field Road in Gilbert, roughly 20 miles outside Phoenix. The property was fully occupied at the time of sale by tenants including Pacific Dental, Wing Stop, F45, Little Caesars, Life Quest and My House. Chad Tiedeman of Phoenix Commercial Advisors represented the undisclosed seller in the deal.
Mesa, Ariz. — KeyBank Real Estate Capital has secured the $77.1 million refinancing of Superstition Gateway, a shopping center consisting of 25 single-story buildings in Mesa. Built in 2007, the center is home to tenants including Kohl’s, Bed Bath & Beyond, LA Fitness and AMC Theatres. John Loshbaugh and Robert Ray of KeyBank secured the fixed-rate, CMBS loan on behalf of the borrower, Desert Troon Companies.
Peoria, Ariz. — Thompson Thrift Retail Group has completed the disposition of Sunrise Promenade, a shopping center in Peoria. An undisclosed buyer acquired the center for $18.2 million. Situated at the corner of Lake Pleasant Parkway and Happy Valley Road, Sunrise Promenade features 26,852 square feet of retail space. Current tenants include Aldi, Black Rock Coffee Bar, Club Pilates, Sherwin-Williams, Dip Nail Spa, Harumi Sushi, Wow Wow Hawaiian Lemonade, Stretch Labs, Butta Cakes and Pearle Vision.
