Phoenix — Five new tenants are joining Christown Spectrum, a retail center in Phoenix. Naughty Tacos has opened a 1,540-square-foot restaurant at the property. KTK Chiropractic will lease 3,337 square feet at the center beginning this summer. Burlington is scheduled to open a location at the property in 2024. Hobby Lobby and Five Below will also open next year, occupying 60,000 and 10,000 square feet, respectively.
Mesa, Ariz. — Phoenix Commercial Advisors has arranged the $11.8 million sale of Mesa Gateway, a three-building retail property located in Mesa. Totaling 31,824 square feet, the three buildings were fully leased to tenants including Verizon, Comerica, Jimmy John’s Sandwiches, Fit Body Boot Camp and Boba CuTea. Danny Gardiner and Chad Tiedeman of Phoenix Commercial Advisors represented the undisclosed seller in the transaction.
Chino Valley, Ariz. — Marcus & Millichap has brokered the sale of a retail building located in Chino Valley. Sherwin-Williams occupies the 4,500-square-foot property, which was built in 2022, on a net-lease basis. Mark Ruble and Chris Lund of Marcus & Millichap represented the seller and procured the buyer, both limited liability companies, in the transaction.
Tucson, Ariz. — First Washington Realty has completed the disposition of River Center, a 107,508-square-foot retail center located in Tucson, to a private investor for $31.1 million. At the time of sale, the property was fully leased to anchor Whole Foods Market and other tenants including Petco, Walgreens, Tenet Healthcare, Childtime Childcare and Orange Theory Fitness. Patrick Dempsey, Geoff Tranchina and Patrick Anthon of JLL Capital Markets represented First Washington in the transaction.
Phoenix — Concord Wilshire Capital and TLG Investment Partners, in partnership with Carl DeSantis’ CDS International Holdings Inc., have completed the acquisition of the Metrocenter Mall in Phoenix. The development group has formed a strategic alliance with Hines, an international real estate firm, to redevelop and repurpose the Metrocenter Mall into a walkable village that will be home to apartments, condominiums, curated boutiques, popular retail stores, restaurants, bars, a town-center park and other commercial and entertainment venues. The property spans approximately 64.2 acres of land in a Qualified Opportunity Zone. …
Mesa, Ariz. — HJ Red Mountain LLC, an entity formed by Jakosky Properties, has completed the disposition of Red Mountain Plaza, a retail center located in Mesa. An entity doing business as Red Mountain Plaza LLC acquired the property for $16.4 million. Situated on eight acres, Red Mountain Plaza offers 69,270 square feet of retail space. At the time of sale, the property was 100 percent leased to tenants including Michaels and PetSmart. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller in the deal.
Mesa, Ariz. — Marcus & Millichap has brokered the $18.5 million sale of Sprouts Center, a 55,615-square-foot shopping center located in Mesa. Sprouts Farmers Market anchors the property. Marc Irvin of Marcus & Millichap represented the seller, an Arizona-based private investor. A California-based family trust acquired the center in a 1031 exchange. Ryan Sarbinoff of Marcus & Millichap acted as broker of record and assisted in closing the transaction.
Glendale, Ariz. — Thompson Thrift has broken ground on the 12-acre commercial portion of a mixed-use development underway in the northwest Phoenix suburb of Glendale. Sitting on a larger 24-acre parcel, the property will include tenants such as Black Rock Coffee, Cobblestone Auto Spa, Whataburger, Slim Chickens, QuikTrip, Extra Space Storage and a 122-room hotel. Tenants are expected to begin opening later this year. The site is located less than three miles from the city’s Sports and Entertainment District, which features State Farm Stadium, the home of the Arizona Cardinals …
Tucson, Ariz. — SRS Real Estate Partners has arranged the sale of Silverbell Plaza, a shopping center located in Tucson. An Arizona-based private investor sold the property to a Washington-based private investor in a 1031 exchange for $22 million. Situated on 8.4 acres, Silverbell Plaza features 97,540 square feet of retail space. At the time of sale, the property was 97 percent leased to tenants including Walgreens, Safeway, Anytime Fitness, Leslie’s Poolmart, PNC Bank, Wingstop, H&R Block and 14 other local, regional and national businesses. John Redfield and Alan Houston …
Scottsdale, Ariz. — Newmark has arranged the sale of The Block at Pima Center, a multi-tenant retail center in Scottsdale. Block East LLC and Block West LLC sold the property to New Block 22 LLC for $23.5 million. Located at the northwest corner of Via De Ventura and Arizona State Route 101, The Block at Pima Center features 37,958 square feet of retail space that was fully leased at the time of sale. Current tenants include Starbucks Coffee, Dickey’s Barbecue Pit, Mayweather Boxing + Fitness and Spinato’s. The property features …