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February 24, 2021
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RETAIL NEWS
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CA Investor Exchanges into Phoenix Retail Building for $5.25 Mil

2/16/21

Shops at Tuscano, a 15.9k sf, multi-tenant retail building in Phoenix, sold for $5.25 mil ($330/sf). Situated on a 2.44-acre lot at 7435 West Lower Buckeye Rd, Shops at Tuscano was 93% occupied at the time of sale by seven tenants including Sprint/T-Mobile, Little Caesars and TitleMax, among others.

Built in 2006, Shops at Tuscano is within two miles from the newly opened Loop 202 Freeway extension and is situated at a busy intersection with a host of retail tenants including Walmart Supercenter, AutoZone, BMO Harris Bank and multiple fast food restaurants. The surrounding residential area is growing with a stable employment base to the north of several major distribution facilities.

Steve Julius, Jesse Goldsmith and Chase Dorsett with Newmark represented the seller, Shrisha LLC in the purchase. The buyer, TDN Properties LLC, was a 1031-exchange investor from California.

Lower Buckeye is in a rapidly growing area of the Phoenix metropolitan area. According to Newmark Research, since 2010, the local population increased over 14% and is forecasted to increase another 7% by 2025. Within the three-mile housing overview, 307+ single family units and multifamily units are under construction, and 3,540+ units for single family and multifamily are proposed in the respectable average median household income of $70,694.




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