Phoenix Commercial Advisors closed on two Phoenix MSA properties in mid-November—Cornerstone at Queen Creek, a Walmart-anchored shopping center, and a single-tenant Chipotle in Phoenix.
Cornerstone at Queen Creek, located on 9.46 acres on the northwest corner of Rittenhouse and Ocotillo roads at 20928 E. Heritage Loop Road, 21168, 21178, 21188 and 21292 E. Ocotillo Road, and 21152 E. Rittenhouse Road in Queen Creek, Ariz., sold for $14,800,000. The 70,005-square-foot center closed at 96 percent of the asking price for $211 per square foot. A mix of local and national tenants, including Petco, Staples, Domino’s, Dunkin’ Donuts, Baskin Robbins, Jack in the Box, Edward Jones, Little Caesars, Jimmy John’s and Costa Vida, composed the shops.
Chad Tiedeman and Steven Underwood at Phoenix Commercial Advisors represented the seller, WDP Town Center, LLC, in the transaction.
On the southwest corner of 48th Street and Broadway Road at 4705 E. Broadway Road in Phoenix, Chipotle sold for $2,100,000. Sitting on 0.75 acres, the 2,225-square-foot single-tenant building sold for $944 per square foot and 98 percent of the asking price.
Chad Tiedeman at Phoenix Commercial Advisors represented the seller, SimonCRE Lincoln IV, LLC, in this transaction.
Formed in 1994, Phoenix Commercial Advisors is a commercial real estate services company. The company specializes in retail commercial brokerage in Phoenix, Tucson, and surrounding Arizona communities, providing leasing services, tenant and landlord representation, investment sales and redevelopment services to local and national retailers and property investors. Offering the expertise of 250 combined years of experience, Phoenix Commercial Advisors is also member of ChainLinks Retail Advisors, the premier national retail platform connecting elite brokerage companies across the top 50 North American markets.