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6/27/18
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SoCal-based Slater Avenue II LP paid $11.2 mil for Ocotillo Plaza, a redeveloped retail building situated in Chandler, AZ. The 121.8k sf ($92/sf) property is located at 2880 S. Alma School Rd, on the northwest corner of Queen Creek and Alma School roads in the heart of Chandler’s Ocotillo area, a thriving residential, retail and employment hub adjacent to the popular Price Road commercial corridor.
The building and 10-acre site was purchased in 2017 by Thompson Thrift and then renovated from a former Target store into a multi-tenant retail building that is now fully leased to Goodwill and the flagship location of Shoppers Supply, a ranch, home and outdoor supply retailer.
The repositioned building sits within the larger Ocotillo Plaza shopping center, which is also in the process of a redevelopment that includes the addition of an Aldi supermarket. It is part of a desirable retail corridor boasting anchor tenants such as Albertsons, HomeGoods, Office Max, Sprouts and Stein Mart.
Peter Bauman, Tivon Moffitt, Dennis Desmond and Tyson Switzenberg with JLL represented the building seller, Thompson Thrift Retail Group. Nina Patel represented the buyer in the deal.
“Investors continue to be attracted to high quality, stabilized greater Phoenix commercial real estate, and that created significant investor demand for this listing,” said Bauman. “The area’s demographics, combined with this building’s newly renovated space and its stable long-term tenancy, were a strong draw for the buyer.”
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