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9/16/19
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Two retail properties within Elliot Plaza, a 147.5k sf shopping center in Tempe, AZ, have sold in separate deals totaling $10.45 mil. The assets were sold by Phoenix-based The Niki Group/ Unified CRE Investors.
Elliot Plaza – Main Building is a 53.2k sf, multi-tenant retail property located at 7720, 7760A and 7760B S. Priest Dr. Tenants include The Tile Shops, American Freight Furniture and Palette Collective – a local salons suites operator with 46 sub-suites and a coffee shop—all on triple-net (NNN) leases. The 100% leased property was purchased by Susan Ehsan of San Juan Capistrano for $6.6 mil ($124/sf).
In the other deal, DG Boo Investments LLC/Joe Wojdowski of San Diego paid $3.85 mil for a 10k sf, multi-tenant retail pad property located at 7700 S. Priest Rd. The asset is 100% leased to Firehouse Subs, Hertz and Black Bear Diner, which are all on NNN leases.
Built in 1990, both properties are situated at the southwest corner of Elliot Road and Priest Drive and benefit from high traffic counts, strong visibility, strong demographics and household formation. More than 182,149 people live in the City of Tempe, with an average household income exceeding $76,000 and projected population growth of 8.1 percent between now and 2022, according to CBRE Research.
Steve Julius, Jesse Goldsmith and Chase Dorsett of CBRE in Phoenix represented the seller in both transactions. In 2018, CBRE represented Dallas-based Trigate Capital and The Niki Group/ Unified CRE Investors in the $26.1 mil sale of Elliot Plaza.
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