The Cave Creek Plaza was sold for $2.55 million by PWDAF Bell and Cave Creek LLC to DMC Investments LLC, according to the brokerage firm that worked on the deal.
The 21,219-square-foot retail shopping center located at 16806-16872 N. Cave Creek Rd. & 2301-2313 E. Bell Rd. was initially built in 1978. The plaza is shadow-anchored by a 99 Cent Only store. The retail center neighbors a Home Depot through two adjacent parking lots.
Jesse Goldsmith and Steve Julius with CBRE’s Phoenix office represented the seller in this transaction.
“Bell and Cave Creek Plaza was in high demand by buyers because of its low price per foot, fair rental rates, and good cash flow,” said CBRE’s Julius. “With the high traffic and dense population, this will be a good long-term investment.”
Additionally, low rents and varied lease terms presented an opportunity for long-term revenue growth at this location.
