New Owners for Historic Arizona Center

by Nate Hunter

PRESCOTT, Ariz. — Depot Marketplace changes hands for $11.2 million.

The former train depot was developed into a shopping center in 1991.PRESCOTT, Ariz.  — Depot Marketplace in downtown Prescott has sold for $11.2 million.

Bob Young, Glenn Smigiel, Steven Brabant, Rick Abraham and Nancy Romanovsky of CBRE’s Phoenix office, along with Bebe Wright of Arizona Commercial in Prescott, represented the seller, Depot Marketplace Owners LLC of Colorado Springs, Colo. The buyer was Depot Marketplace Investors LLC of Prescott.

A portion of the 91,461-square-foot, grocery-anchored center, which is in a historic part of town, was the original train depot. The property was redeveloped as a shopping center in 1991. Its tenant list includes Walgreens, Staples, Starbucks and Chipotle Mexican Grill. It is anchored by Albertson’s, which was not included in the sale. The property is 92 percent leased.

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