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December 16, 2019
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Newly Constructed Retail Property in Phoenix Sells for $638/sf


A CA-based private investor paid $2.87 mil for a newly constructed, three-tenant retail property in Phoenix. Tenants at the property, located at 2535 N. Central Ave, include– all of which are on new, 10-year absolute triple-net leases with options to extend.

The 4.5k sf ($638/sf) property is situated within the Midtown Phoenix submarket at the signalized intersection of East Virginia Ave and N. Central Ave, which serves as a major thoroughfare leading directly into the heart of downtown Phoenix.

Sean Thomas and Patrick Luther with SRS’ Investment Properties Group represented the seller, Scottsdale-based Pennant Development. The buyer was repped by Andrew Reeder of CBRE. The transaction closed at a 6.0% cap rate.

“This new construction multi-tenant retail property was attractive to a large and diverse investor pool as it offered a highly visible, quality product in a densly populated area with full occupancy by trendy and appealing ecommerce-resistant food concepts,” said Thomas.

Mid-Town Phoenix offers a combination of an abundance of residential Historic Districts along with more than 1,800 multi-family units that have been developed since 2016 with another 2,100 units currently in construction stages. The submarket is also home to the Central Arts District and is one of the region’s largest employment centers and is home to several corporate headquarters including U-Haul, Dignity Health, Banner Health Regional, and Century Link, among others.

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