CBRE sells 2 Elliot Plaza properties for $10.45M

Real Estate | 13 Sep |

CBRE announced the sale of two retail properties located within the 147,469-square-foot Elliot Plaza in Tempe, Arizona for $10.45 million. 

Steve Julius, Jesse Goldsmith and Chase Dorsett of CBRE in Phoenix represented the seller, Phoenix-based The Niki Group/ Unified CRE Investors, in both transactions. 

Elliot Plaza – Main Building is a multi-tenant shopping center located at 7720, 7760A and 7760B S. Priest Drive in Tempe, Arizona. Susan Ehsan of San Juan Capistrano, California acquired the 53,158-square-foot, 100 percent leased property from The Niki Group/ Unified CRE Investors for $6.6 million. Tenants include The Tile Shops, American Freight Furniture and Palette Collective – a local salons suites operator with 46 sub-suites and a coffee shop—all on triple-net (NNN) leases.

In a separate transaction, DG Boo Investments, LLC/Joe Wojdowski of San Diego, California purchased a 10,000-square-foot, multi-tenant retail pad located at 7700 S. Priest Road in Tempe, Arizona from The Niki Group/ Unified CRE Investors for $3.85 million. The property is 100 percent leased to Firehouse Subs, Hertz and Black Bear Diner, which are all on NNN leases. 

Built in 1990, both properties are situated at the southwest corner of Elliot Road and Priest Drive and benefit from high traffic counts, strong visibility, strong demographics and household formation. More than 182,149 people live in the City of Tempe, with an average household income exceeding $76,000 and projected population growth of 8.1 percent between now and 2022, according to CBRE Research. 

In 2018, CBRE represented Dallas-based Trigate Capital and The Niki Group/ Unified CRE Investors in the $26.1 million sale of Elliot Plaza.

Anaconda Capital Group acquires Glendale apartment communities

CBRE announced the Anaconda Capital Group, LLC has acquired two multifamily properties in Glendale, Arizona totaling $4.66 million. 

Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix arranged the sales on behalf of Anaconda Capital Group, LLC and the sellers who had owned the properties for over 20 years. 

Anaconda Capital Group, LLC purchased Bethany West, a 48-unit garden-style apartment community, from Bethany West, LLC for $2.67 million. Located at 6211 N. 48th Ave. in Glendale, the property is single story and features all two-bedroom/one-bath floorplans that average 800 square feet. The buyer plans to do an extensive renovation and reposition of the asset.

Autumn Leaves, a 28-unit garden-style apartment community located at 6821 N. 45th Ave. in Glendale, was acquired by Anaconda Capital Group for $1.99 million. The seller was Autumn Leaves 6921, LLC. The property is single story and is comprised of all two-bedroom/one-bath floorplans that average 800 square feet. The buyer plans to extensively renovate and reposition the property. 

Both properties are located in Glendale, one of Arizona’s largest cities and a growing center for employment, professional sports, and arts and culture. In the second quarter of 2019, the submarket rents averaged $1.10 per square foot and have increased 8.93 percent and vacancy averaged 3.74 percent and improved by 112 bps year-over-year, according to CBRE Research.

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