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February 23, 2019
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AZ Retail Center Fetches $16.6 Mil


Plaza at Power Marketplace, a 71k sf shopping center in Queen Creek, AZ sold for $16.6 mil ($234/sf). The property is located at 7225 S. Power Rd and 18490-18550 E. Rittenhouse Rd, near the Arizona State University Polytechnic Campus and the Phoenix-Mesa Gateway Airport.

Built in 2007, Plaza at Power Marketplace is anchored by a high-performing LA Fitness, shadow-anchored by Home Depot and boasts a strong roster of national and regional tenant credits, including Taco Bell, Dunkin Donuts, and Edward Jones. The property was 93% leased at the time of sale.

Philip Voorhees and Jimmy Slusher with CBRE National Retail Partners West, based in Orange County, California, and Steve Julius with CBREs Phoenix office, arranged the sale on behalf of a private seller from New York and private buyer from California. The transaction also involved Jesse Goldsmith with CBREs Phoenix office, Kirk Brummer, Sean Heitzler, John Read, Preston Fetrow, Matt Burson, Megan Wood and James Tyrrell with CBRE NRP-West, and Patrick Arangio, Jack Howard and Kurt Altvater with CBREs National Loan and Portfolio Sale Advisors in New York.

The purchaser in this transaction, a family office based in Southern California, demonstrates the continued flow of capital from California to Arizona as buyers seek a wider available inventory and yields superior to those found in the coastal markets, Voorhees noted.

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