Cushman & Wakefield announced Tuesday the purchase of Arcadia Village Shopping Center, a CVS pharmacy-anchored, retail center located on the southwest corner of Camelback Road and 40th Street for $19.65 million.
The shopping center is located in Phoenix’s Arcadia neighborhood.
Cushman & Wakefield Executive Managing Directors Ryan Schubert and Michael Hackett represented the seller, Arcadia Retail, LLC.
“Arcadia Village is an irreplaceable piece of real estate located in the heart of the Arcadia/Biltmore neighborhood with excellent Camelback Road exposure. The fact that CVS Pharmacy chose to backfill the vacant Fresh & Easy space less than a year from its closure is a testament to the long term potential of the site,” Schubert said.
Built in 1957, Arcadia Village contains 37,006 square feet of retail space. The center’s anchor, CVS, occupies approximately 48.5 percent of the total leasable space in the property.
Additional tenants include Baskin Robbins, Urban Wax, Arcadia Village Dentist, Sundrops Nail Salon, Gigi’s Cupcakes, Giant Rustic Pizza and The Grind Burger Bar. The property was 100 percent leased at the time of sale.
