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10/07/19
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Shashikant Patel of Scottsdale has purchased 9494 Northern, a 23k sf, multi-tenant neighborhood retail center in Peoria, AZ, for $8.8 mil ($382/sf). The property was sold by Cave Creek Capital Partners LLC, also out of Scottsdale.
9494 Northern is 100% occupied by a diverse group of national retail tenants, including NextCare, ATI Physical Therapy, Navy Federal Credit Union, FedEx Office, and Sprint.
Located at the Loop 101 Fwy and Northern Ave, at 9494 W. Northern Ave, the retail center benefits from strong traffic counts and excellent parking and cross-traffic from the adjacent Peoria Crossing shopping center. The center sits directly across the street from the new Desert Diamond Casino, which is currently under construction and will employ 1,600.
Jesse Goldsmith, Steve Julius, and Chase Dorsett with CBRE represented the seller in the transaction.
The property situated in metro Phoenix’s West Valley, where strong population, job and housing growth has fueled demand for commercial real estate in recent years, according to CBRE Research. More than 1.6 million people call the West Valley home, and its population over the next five years is projected to grow at twice the national average rate of growth.
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