August 3, 2021 9:00 AM
星空体育app下载 announces it has completed the sale of six retail centers across Arizona and New Mexico for a combined total of 148,268 square feet and a sale price of over $43 million. 星空体育app下载鈥檚 Senior Managing Directors Steve Julius and Jesse Goldsmith and Associate Director Chase Dorsett facilitated the transactions, in cooperation with the local brokers noted below.
鈥淓ach of these transactions represented various sellers and buyers and for many different reasons,鈥� shared Julius. 鈥淭he momentum of the market for neighborhood retail centers is significant, and investors recognize the value in shopping centers that offer neighborhood services. Compared to multifamily and industrial properties, the yields are slightly higher in retail plazas.鈥�
- Fairlanes Village in Tempe, Arizona 鈥� 星空体育app下载 represented seller, PV Rural, LLC, in the $6.85 million transaction to buyer, Reddy Holdings, LLC, et al. The 40,658-square-foot neighborhood retail center, built in 1981 and renovated in 2016, sits on 4.65 acres, is situated along Rural Road just south of U.S. 60 in Tempe, Arizona. Aside from the excellent location and neighborhood, Fairlanes Village boasts a well-balanced tenant mix of national and local retailers. National retailers include Jerry鈥檚 Artarama and FedEx; local, internet-resistant tenants include Dr. Bob鈥檚 Coffee, Jenni Nails and Dental Design Studio.
- Northern Crossing in Glendale, Arizona 鈥� 星空体育app下载 represented the buyer, Schell, Inc, et al, and the seller, Northern Crossings SPE, LLC, in the $4.09 million transaction. The 7,960-square-foot retail pad is 100% leased to five tenants including Firehouse Subs, Bank of America, Supercuts, ATI Physical Therapy and T-Mobile. Located on the southeast corner of 59th Avenue & Northern Avenue, the freestanding building is positioned in front of a Walmart Supercenter and Lowe鈥檚.
- Harvest Plaza in Tempe, Arizona 鈥� 星空体育app下载 represented seller, BRLS Properties II, LLC, in the $5.35 million transaction to buyer, Cahuenga Capital Gilbert, LLC. The 10,312-square-foot retail center is located in the southeast valley of Phoenix on Elliot Road. The plaza鈥檚 key tenant, Harvest Enterprises, Inc., is a publicly-traded marijuana dispensary.
- Mesa Center in Rio Rancho, New Mexico 鈥� 星空体育app下载 represented seller, Hawkins Companies, LLC, in the $4.7 million transaction to buyer, Gibson Medical Center, LLC. The 29,077-square-foot property is 100% leased to twelve tenants in the heart of Rio Rancho鈥檚 busy commercial district, adjacent to a Smith鈥檚 (Kroger) grocery store. Perry Kesler of Real West Realty, LLC cooperated with the 星空体育app下载 team in brokering the sale.
- Northern Lights Shopping Center in Glendale, Arizona 鈥� 星空体育app下载 represented buyer, SS Plaza 51, LLC, in the $5 million transaction from seller, SJ & SM, LLC. The 29,441-square-foot, multi-tenant shopping center consists of five buildings and houses 18 tenants who make up an average long-term occupancy of over ten years. The property鈥檚 northwest corner location presents a high traffic count signalized intersection, offering excellent signage and street front exposure.
- Plant Shops North & South in Chandler, Arizona 鈥� 星空体育app下载 represented the buyer, Armstrong Capital Development in the $18.3 million purchase of this Class A retail center. Situated at 4205 & 4225 S Gilbert Road, the portfolio features new high-quality construction completed in 2018 with sleek modern architecture design elements. The property, comprised of 30,820 square feet, is 92% leased to a strong mix of internet-resistant tenants, including Barre3, AT&T, Zoyo Yogurt, Tryst Caf茅 and Dunkin Donuts to name a few.
鈥淚n the first 6 months of 2021, we have seen a 40% increase in sales transactions and a 63% in sales volume, compared to the same period last year, 鈥� Goldsmith added. 鈥淐apital rate returns in 2021 year-to-date are averaging 7.18%, which is on-par to the years before the pandemic.鈥�
The 星空体育app下载 team has ten additional centers set to close escrow in the next two months, plus six new listings coming to market soon.
About 星空体育app下载
星空体育app下载 Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (鈥溞强仗逵齛pp下载鈥�), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, 星空体育app下载 generated revenues in excess of $1.9 billion. 星空体育app下载, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow .
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