Cassidy Turley announced today they successfully sold Canyon Trails Towne Center, 625 S. Cotton Lane. Trigate Capital (Dallas) purchased the Goodyear power center for $23.5M. The seller was a Vestar formed partnership. Cassidy Turley’s Ryan Schubert, Michael Hackett and Dan Wald negotiated the sale transaction for both parties.
According to Michael Hackett, “Canyon Trails Towne Center is a freeway-oriented, regionally-drawing power center which services a growing area in metro Phoenix. With the additional development opportunities at Canyon Trails, the buyer has the potential to grow the center to over 850,000 square feet making this one of the best value add opportunities available.”
Developed in 2008 by Phoenix-based Vestar, Canyon Trails has been developed with approximately 202,196 square feet of existing buildings on ±61.28-acres. Shadow-anchored by Super Target and a Home Depot-owned future building site, Canyon Trails includes twenty-two built and engineered pads and offers the opportunity to develop an additional ±300,000 square feet of leasable area. Canyon Trails is located at the intersection of Yuma Road and Cotton Lane and is currently being upgraded to allow direct access to the Loop 303 and Interstate 10.