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6/06/17
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Tatum Plaza, a 29.5k sf, neighborhood shopping center in the Phoenix submarket of Cave Creek, AZ, has sold for $9.45 mil, or $320/sf. The property, located at 29455 N. Cave Creek Rd, east of I-17 and north of 101 Loop, was sold by Westwood Financial Corp. The buyer was an entity going by SWC 28th and Peoria Investors LLC.
Situated in the heart of the Tatum Ranch Master Planned Community, at the corner of Tatum Blvd and Cave Creek Rd, the property serves as the dominant neighborhood shopping center for residents and local businesses in the area. The center is shadow-anchored by Fry’s Food & Drugs and was nearly fully occupied at the time of sale. It features a diverse tenant mix of 15 national and regional retailers, including Baskin Robbins, Papa Murphy’s, Hi-Health, and Glamour Nail Spa, among others.
Westwood Financial initially acquired Tatum Plaza in January 2014. During its ownership, Westwood filled the retail center with high-quality tenants and brought the asset to 97% occupancy, increasing the asset’s net operating income and driving strong cash flow for investors.
Ryan Schubert and Michael Hackett of Cushman & Wakefield represented both parties in the transaction.
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