CBRE has completed the $20.55 million sale of East Thunderbird Square South, a 161,997 SF grocery-anchored shopping center on the NWC of Thunderbird and Scottsdale roads in Scottsdale.
Glenn Smigiel, Bob Young, Steven Brabant, Rick Abraham, Nancy Romanovsky, Kevin Schuck and Max Bippus of CBRE’s Phoenix office represented the seller, Gregg Williams of Trident Pacific Real Estate in Scottsdale, the court-appointed receiver for the asset. The buyer was Holualoa Companies; Michael Kasser, president, and Aroon Chinai, chief investment officer.
East Thunderbird Square South is located in a dense, upscale suburban neighborhood of north Scottsdale, boasting residents with significant discretionary buying power. The area’s strong demographics coupled with a limited supply of available land for future retail development have driven rental rates up to some of the highest in metropolitan Phoenix.
“East Thunderbird Square is located in one of the Valley’s strongest submarkets, which is likely to be one of the first areas to emerge from the current economic recession,” said CBRE’s Smigiel. “In addition, the property has 57,776 square feet of vacant space offering significant upside potential through lease up.”
Anchored by Smart & Final, the property’s major tenants include AZ Air Time, Bridgestone Tires, Leslie’s Poolmart and Steinway Piano Showroom. Three outparcels containing M&I Bank, Burger King and Taco Bell were not part of the sale.
East Thunderbird Square South was built in phases in 1986 and 1987 and was 64 percent occupied at the time of sale.