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8/30/19
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A retail portfolio comprising four metro Phoenix retail assets totaling 29k sf and three fully improved developable retail pads in Phoenix’s West Valley traded in a $21.45 mil transaction. An unnamed private family trust acquired the portfolio from TradeCor LLC.
The portfolio features fully-leased retail assets in diversified locations across metro Phoenix and a roster of high-quality national tenants. The portfolio includes an 8.3k sf, two-tenant retail pad at the northwest corner of Power Rd and the U.S. 60 in Mesa, AZ that is 100% leased to Verizon Wireless and Eyeglass World; a 12.5k sf, four-tenant retail pad at the southeast corner of Bell Rd and Litchfield Park in Surprise, AZ that is 100% leased to Verizon Wireless, FedEx, Chipotle and Pacific Dental; a 6.2k sf P.F. Chang’s ground lease located at the southeast corner of McDowell Rd and Bullard Ave in Goodyear, AZ; and a 2k sf Valvoline ground lease near the northwest corner of McDowell Rd and Pebble Creek Pkwy in Goodyear, AZ.
Additionally, the portfolio includes three fully improved developable retail pads located at the southeast corner of Bullard Ave and McDowell Rd in Goodyear. The land parcels are located in the heart of the West Valley’s new transportation and employment corridors, which is spurring residential, retail and commercial development, according to CBRE Research. Goodyear’s annual population growth is anticipated to be 69% greater than metro Phoenix.
CBRE’s Glenn Smigiel, Bob Young, Steve Brabant, Rick Abraham, Bill Bones and Chris Ryan represented TradeCor LLC in the transaction. Bruce Francis, Bob Ybarra, Dana Summers, Shaun Moothart and Doug Birrell of CBRE Debt & Structured Finance secured an $11.1 mil loan on behalf of the borrower.
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