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June 13, 2024
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Arizona Retail Center Goes for $14 Mil


Coldwater Plaza, an 80.6k sf retail center shadow-anchored by Home Depot and Sam’s Club and located in Avondale, AZ, traded for $14 mil, or $174/sf. The property was sold by the original developer, WM Grace Companies, who built the center in 2005.

The property sits on a 12.58-acre lot at 1453, 1475 and 1487 N. Dysart Rd in Avondale. The high-traffic shopping center is shadow-anchored by Home Depot and Sam’s Club and is fully leased to 16 tenants including Lina Furniture, Infinity Uniforms, Flames Gymnastics, Subway, Liberty Tax, Ohana Hawaiian Shaved Ice and State Farm. In January of 2022, the seller completed a new exterior paint scheme over all owned buildings, plus a new parking lot repair.

Located in the rapidly growing southwest Phoenix submarket, Coldwater Plaza is conveniently positioned less than a mile from the I-10 freeway, which cuts through Downtown Phoenix and stretches from Los Angeles to Jacksonville. The location also offers easy access to Sky Harbor International Airport, which is a 20-minute drive northeast.

Steve Julius, Jesse Goldsmith and Chase Dorsett with Newmark represented both the seller, Grace Avondale, LLC, and the buyer, Kwon-State Ave, LLC.

“This was a rare situation where the original developer is our seller,” said Julius. “Unlike many developers who build to sell, the WM Grace Company builds for generations of ownership, which is a testament to the long-term cash flow this asset provides. The new owner will reap the benefit of the traffic generated by the Home Depot and Sam’s Club, making this a valuable shopping center investment.”

The Phoenix Metro is the third fastest-growing large U.S. metro with a below-average cost of living, which can be attributed to the number two rank among best labor markets. The area’s post-pandemic resiliency is evident across all asset classes, with 4.8 million square feet currently under construction, while both market rent and market sale price per square foot are at their highest level over the past 10 years. The Southwest Valley of Phoenix is leading the country for industrial development with almost 24 million square feet currently under construction. This explosion has led to a large increase in residential development to support the job growth. Major employers in the immediate area include the Chewy Distribution Center and an Amazon warehouse, both with over 1,000 employees.

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