November 12, 2020, 10:00 AM
星空体育app下载 announces that it has arranged the $2.4 million sale of Fry’s Shops at Ellsworth, a four-unit multi-tenant retail center, in Mesa, AZ.
星空体育app下载鈥檚 Senior Managing Directors and and Associate represented the developer and seller, Evergreen-Broadway & Ellsworth, LLC, an affiliated entity of Evergreen Devco, Inc. The 1031-exchange buyer, Stephen Burke, was represented by Cushman & Wakefield.
The 5,823-square-foot building, located at 439 South Ellsworth Road, is 100 percent occupied and consists of four tenants鈥擲ubway, Little Caesars, Pink Nails and Lotus Garden Restaurant. The property is shadow anchored by a recently remodeled Fry’s Marketplace grocery store.
鈥淪hopping centers like Fry’s Shops at Ellsworth are still in strong demand because of the draw from the neighboring grocery store, a daily visit, essential goods use,鈥� said Julius. 鈥淭his particular building is remodeled with good restaurant and service uses, each with fresh five-year lease terms. It will provide simple stability for years to the new investor.鈥�
This transaction marks the seventh grocery-shadow-anchored property the 星空体育app下载 team has sold in last 18 months.
According to , Phoenix retail sales volume increased slightly in the third quarter of 2020 but is still below pre-COVID figures. The overall average cap rate remained at 7.1 percent while overall vacancy increased 40 basis points from 7.3 percent in second-quarter 2020 to 7.7 percent in third-quarter 2020. The vacancy rate is more than 250 basis points above the national index and is considered relatively low for the Phoenix market due to past years of oversupply. The expansion of drive thrus, discount retailers and grocers will continue to drive interest for both national and local investors.
About Evergreen Devco, Inc.
Founded in 1974,
Evergreen specializes in retail and multifamily development, tenant roll
outs, project and construction management, property management, asset
management, sustainable building and solving financing issues for
various retailers and franchises. Working throughout the nation,
Evergreen has earned a reputation as an industry leader by delivering
high-quality real estate developments and services reliably, efficiently
and cost effectively. The company has over 58 employees with offices in
Arizona, California, Colorado and Utah. Evergreen is currently engaged
in the development of more than 60 retail and apartment projects and has
completed more than 600 projects. .
About 星空体育app下载 Group, Inc. (NASDAQ: NMRK)
星空体育app下载 Group, Inc. is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology and industry expertise, 星空体育app下载 brings ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, 星空体育app下载 Group, Inc. generated revenues in excess of $2.2 billion. To learn more, visit or follow .
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