CBRE has negotiated the $5.5 million sale of Crossroads of Tempe, a 39,511 square-foot retail strip center located at 7707 S. Kyrene Road, 315 and 325 W. Elliot Road in Tempe, Ariz.
Steve Julius and Jesse Goldsmith of CBRE’s Phoenix office represented both parties in the transaction. The seller was Westwood Financial Corp. of Los Angeles, Calif. The buyer was KLC Holdings LLC of Fargo, N.D.
KLC Holdings is an experienced group that will focus heavily on leasing the remaining vacancies in the shopping center. They have had success recently with other assets in the Valley, and I see them having success with this deal as well,” said Goldsmith. “The adjacent office building has had several new leases recently and the retail center should benefit from that positive leasing activity.”
Built in 2004, the Crossroads of Tempe strip center is unanchored with national tenants such as Chase Bank, Massage Envy, Fed Ex Office, & the UPS Store. The center was 65 percent leased at the time of sale.