Buckeye, Ariz. – The transaction closed at a 6.8 percent cap rate.
Buckeye, Ariz. – Faris Lee Investments has completed the $22 million sale of Watson Marketplace, a fully leased, 90,000-square-foot retail center located in Buckeye, Arizona, located 30 minutes west of Phoenix. Chris Tramontano, Matthew Mousavi and Patrick Luther of Faris Lee represented the seller and developer of the property, Scottsdale, Arizona-based Desert Troon Companies. Chris Tramontano and Tom Chichester, also of Faris Lee, represented the all-cash buyer, San Diego-based Interstate Holdings. The transaction closed at a 6.8 percent cap rate.
The transaction included 55,153 square feet of property on nearly eight acres that is leased to 15 national credit and regional tenants, including the anchor, Goodwill, along with Denny’s, The UPS Store, Dunkin Donuts with drive-thru, and Firehouse Subs in seven separate freestanding pad buildings. It also included two retail pads ground-leased to a 5,250-square-foot McDonald’s, which is on 1.22 acres, and a 4,583-square-foot Bank of America, which is on one acre.
— Scott Reid