CBRE sells Tempe retail center for $26.1M
CBRE completed the sale of Elliot Plaza, an LA Fitness-anchored 147,469-square-foot retail center located on the southwest corner of Priest Drive and Elliot Road in Tempe, Arizona. A partnership between real estate investment firms Unified CRE Partners, LLC, based in Scottsdale, Arizona, and The Niki Group, based in San Diego, California, acquired the nearly 18.4-acre property from a joint venture between Dallas, Texas based TriGate Capital and RSF Partners, for $26.1 million.
Jesse Goldsmith and Steve Julius with CBRE’s Retail Investment Properties in Phoenix along with Phillip Voorhees, Jimmy Slusher and Sean Heitzler with CBRE’s National Retail Partners – West (NRP-West), based in Newport Beach, California, represented both the buyer and seller.
“Elliot Plaza presented investors with a rare opportunity to acquire an entire shopping center, including all anchors and freestanding pad buildings, on a highly trafficked Tempe intersection,” said CBRE’s Julius.
Built in 1994, Elliot Plaza is located at 7670-7850 S. Priest Dr. in south Tempe. The two-parcel property is currently 98 percent leased to a roster of national and regional tenants including McDonald’s, Applebee’s, Popeye’s, Goodwill and Firehouse Subs. Additional tenants include American Freight Furniture, Palette Collective, Eyeglass World, Black Bear Diner and The Tile Shop.
The property is situated within distance to the I-10, Loop 202 and Loop 101 freeways, providing immediate access to the greater Phoenix metro area. The Tempe Autoplex, which features 12 dealerships and 17 brands, is adjacent to the center.