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3/15/24
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In a recent retail trade out of Arizona, Sun Village Fair, a 189k sf center in Chandler, was purchased for $12.5 mil ($66/sf) by Arizona Partners. The property, situated on roughly 20 acres, was sold by LNR Partners.
Sun Village Fair presented buyers with a rare redevelopment opportunity in the heart of Chandler. The property, located at the northeast corner of Alma School and Warner Roads, has six acres fronting the two major arterials slated for pad development, in addition to the existing space. The redevelopment will be aided by existing retailers Walmart, First Bank, and Wendy’s, which are still operating within the development but were not included in the transaction.
Located within Central Chandler, the asset is further bolstered by being situated in a dense submarket with strong demographics, high barriers to entry, and a growing demand for new development and additional retail services.
Kidder Mathews’ Darren Tappen, Nathan Thinnes, Pete Beauchamp, Trask Switzenberg, and Matthew Ault, in coordination with Trevor Koskovich of Northmarq and Brett Rinehart of Land Advisors, represented LNR Partners in the transaction.
“The value of the property was heightened by not only its location but also its rarity — as there are no other developable opportunities in the immediate area,” said Tappen. “The unique combination of existing pads and shops ripe for redevelopment resulted in strong interest from a wide range of buyers and capital sources.”
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