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2/24/15
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Two multi-tenant retail centers in Gilbert, AZ, a submarket of Phoenix, sold for a combined transaction value of $9.86 mil. The properties, totaling 68.2k sf ($145/sf) in size, were sold by affiliates of LNR Partners.
One of the properties, Rodeo Rock Plaza, contains 24.5k sf of space and is located at 1659 and 1661 S. Val Vista Dr, and 1663 E. Ray Rd, west of Phoenix-Mesa Gateway Airport and adjacent to the Santan Fwy. It sold for $2.8 mil.
The other property, Val Vista Marketplace, is 43.7k sf in size and is located at 1551 E. Elliot Rd. It traded for $7.06 mil.
Darren Tappen, Matthew Ault and Peter Beauchamp of Voit Real Estate Services represented the seller, WBCMT 2006-C29 Val Vista Retail LLC & JPMC 2005-CIBC13 East Elliot LLC.
The buyers, L.S.S Inc (Rodeo Park) and Jabbell Holdings LLC (Val Vista Marketplace), purchased the assets via Auction.com. On Rodeo Park, the buyer plans to retain Voit’s current leasing team, directed by Ault, in the continuing lease-up of the center.
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