CBRE has completed the $16.6 million sale of Plaza at Power Marketplace, a ±70,961-square-foot shopping center located at 7225 S. Power Road and 18490-18550 E. Rittenhouse Road in Queen Creek, Arizona. The property is located near the Arizona State University Polytechnic Campus and the Phoenix-Mesa Gateway Airport.
Philip Voorhees and Jimmy Slusher with CBRE National Retail Partners – West, based in Orange County, California, and Steve Julius with CBRE’s Phoenix office, arranged the sale on behalf of a private seller from New York and private buyer from California.
“The purchaser in this transaction, a family office based in Southern California, demonstrates the continued flow of capital from California to Arizona as buyers seek a wider available inventory and yields superior to those found in the coastal markets,” Voorhees noted.
Built in 2007, Plaza at Power Marketplace is anchored by a high-performing LA Fitness, shadow-anchored by Home Depot and boasts a strong roster of national and regional tenant credits, including Taco Bell, Dunkin Donuts, and Edward Jones. The property was 93 percent leased at the time of sale.
The transaction also involved Jesse Goldsmith with CBRE’s Phoenix office, Kirk Brummer, Sean Heitzler, John Read, Preston Fetrow, Matt Burson, Megan Wood and James Tyrrell with CBRE NRP-West, and Patrick Arangio, Jack Howard and Kurt Altvater with CBRE’s National Loan and Portfolio Sale Advisors in New York.
The NRP-West team focuses exclusively on retail investment properties in the western states, including CA, OR, WA, NV, AZ and HI, representing the most accomplished retail investors in the US. The team’s ability to collaborate across CBRE’s multi-discipline platform enhances its role as strategic advisors to western U.S. clients in the disposition and acquisition of retail properties, and ensures the delivery of superior results in today’s investment market. Long recognized as industry-leading investment experts, the NRP-West team continues to specialize in portfolio sales, anchored centers, strip centers, single-tenant assets, specialty retail projects, REO and Receivership assets and parcelized disposition strategy opportunities. Based in Orange County, California, the team consists of specialists with institutional and private client relationships and leverages institutional quality knowledge and service across unparalleled access to private capital investors and the brokers who represent them, domestically and around the world. View listings: www.nrpwestlistings.com.