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September 22, 2023
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Canadian Investor Spends $25 Mil on AZ Retail Asset


Ocotillo Plaza, a 117.3k sf retail shopping center in Chandler, AZ, sold for $25.1 mil ($214/sf). The property, located at the northwest corner of Alma School and Queen Creek roads, was acquired by a Canadian investment entity.

Ocotillo Plaza is a high-quality, grocery-anchored shopping center situated on approximately 13 acres. The property is located between two of the Southeast Valley’s largest employment corridors, the Price Road employment corridor and Chandler Airpark, home to many Fortune 500 companies, with further office and industrial development on the horizon.

The center was 96.5% leased to a diverse COVID and e-commerce resistant tenant roster at the time of sale.

Michael Hackett and Ryan Schubert with Cushman & Wakefield in Phoenix represented the seller, an entity formed by Arizona-based DeRito Partners, in the transaction. The buyer was Ocotillo Plaza Chandler LP, based out of Saskatoon SK Canada.

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