Cushman & Wakefield announced the firm has brokered the sale of Arcadia Fiesta, a high-quality 154,436-square-foot retail shopping center located at the southwest corner of 32nd Street & Indian School Road in Phoenix, Arizona.
The buyer was an entity formed by Edmonton, Alberta-based Allard Developments Inc., which acquired the asset for $41.65 million.
Anchored by one of the nation’s largest discount retailers, the fully leased retail center comprises approximately 96% national tenants.
The seller was an entity formed by a joint venture between Arizona-based DeRito Partners and Van Tuyl Companies. Michael Hackett and Ryan Schubert with Cushman & Wakefield in Phoenix represented the seller in the transaction.
Arcadia Fiesta is a vibrant, in-fill retail asset that sits at the intersection of the Biltmore and Arcadia neighborhoods and benefits from tremendous surrounding demographics and traffic on both Indian School and 32nd St.
“The Derito team executed seamlessly on their vision for this first-class redevelopment project,” Ryan Schubert added.