Armstrong Capital Development acquires shopping center portfolio in Chandler for $18.3 million
Newmark Knight Frank announced it has completed the sale of The Plant Shops North and South, two adjacent shopping centers in Chandler, Arizona, for $18.3 million.
Newmark’s Senior Managing Directors Steve Julius and Jesse Goldsmith along with Associate Director Chase Dorsett facilitated the transaction. The buyer, Armstrong Capital Development, is actively pursuing other commercial real estate opportunities in the market.
“This latest acquisition is consistent with our strategy to acquire high quality, complementary retail assets in superb locations with strong tenant rosters,” said Josh Katzer with Armstrong Capital. “As a core asset that provides long-term value, The Plant Shops makes a terrific addition to our portfolio while expanding our footprint in the greater Phoenix market.”
Situated at 4205 & 4225 S Gilbert Road, the portfolio features new high-quality construction completed in 2018 with sleek modern architecture design elements. The property, comprised of 30,820 square feet, is 92% leased to a strong mix of internet-resistant tenants, including Barre3, AT&T, Zoyo Yogurt, Tryst Café and Dunkin Donuts to name a few.
“The Plant Shops is the type of center that is extremely attractive to buyers as of late – high traffic intersection fed by two grocers, shops with high visibility, a drive thru on the end cap and restaurants with patio space,” said Julius.
Julius, Goldsmith and Dorsett have been active as of late, completing 16 transactions year-to-date with seven properties under contract, further confirming Metro Phoenix’s strong fundamentals, the rebound of the retail sector and expected growth for the market.
Dobson Town Place in South Chandler sells for $10.3M
Dobson Town Place, a 44,000 square-foot single-story medical and professional office in south Chandler, sold today for $10,300,000 or $232 per square foot. James “J.T.” Taylor of ORION Investment Real Estate represented the Seller, Off Five LLC, in the transaction. The Buyer, Stratton Road Realty LLC, is expanding their footprint in the Phoenix market and view Dobson Town Place as a strategic acquisition that is 1 mile away f rom Intel’s Campus that is due to receive a $20Bil investment and a short distance f rom the new Banner Ocotillo Medical Center in Chandler. Stratton Road Realty LLC is headquartered in Irvine, CA and was represented by Ken Elmer of Commercial Properties Inc.
Dobson Town Place was developed in 2007-08 and was actively operated by the seller for
more than a decade. The property is 100% occupied as of the close of escrow, leased to a mix of medical, professional off ice, and retail tenants on NNN leases. The tenants benefit f rom the property’s strong location in south Chandler. Chandler is Phoenix’s Fastest Growing Employment Hub and magnet for signif icant off ice relocations and expansions. Prominent companies such as Intel, Allstate, Wells Fargo, Northrop Grumman, CVS Aetna, Deloitte, and Bridgepoint Education are just a few that call Chandler home
“This property was highly sought after due to its high demographic location in south Chandler, its tenant mix and quality of construction” says J.T. Taylor who represented the sellers in the transaction and will stay on as the property’s leasing agent for the buyer. The sellers, who had an active role in developing and operating Dobson Town Place for the last 13 years, were gratified by the interest they received and that the buyer, Stratton Road Realty LLC, has tremendous experience to professionally operate the seller’s namesake property so its tenants can continue to serve the Chandler community.