Phoenix Commercial Advisors closed on QC District, a core grocery-anchored center and pads anchored by Sprouts Farmers Market and HomeGoods. The property, located on 15.53 acres on the southeast corner of Ellsworth and Rittenhouse roads in Queen Creek, Ariz., sold for a total of $44,500,000 or $386 per square foot. A pad component will close in the second step of the process in 2019. 

The 115,185-square-foot center was 100 percent leased with a mix of local and national tenants, including Sprouts Farmers Market, HomeGoods, Starbucks, AT&T, Kay Jewelers, Mattress Firm, Aveda, Supercuts, Wing Stop, Jersey Mike’s Subs and more. Zach Pace at Phoenix Commercial Advisors leased the property. Chad Tiedeman, Steven Underwood and Danny Gardiner at Phoenix Commercial Advisors represented the seller, Thompson Thrift, and the buyer, Sunbelt Investment Holdings, Inc., in the transaction. The transaction is one of 14 retail investment property sales for the Phoenix Commercial Advisors’ Investment Team in 2018 year to date.

“Sunbelt Investment Holdings continues to acquire substantial land holdings in the Phoenix market,” said Todd Holzer, president at Sunbelt Investment Holdings, Inc. “QC District is the latest added to our extensive Queen Creek land portfolio. We were excited to obtain an income property of such high quality. Thompson Thrift developed a high-quality center with top-notch architecture, design and construction.” 

“We would like to thank the Town of Queen Creek, who we originally purchased this property from, for being such a great partner in this process,” said Ashlee Boyd, managing partner at Thompson Thrift. “The area has seen major growth in the past decade, providing demand for a center of this kind. Sunbelt Investment Holdings was excellent to work with, and we appreciated their diligence in working with us on one of our company’s elite projects. We are also thankful to Phoenix Commercial Advisors, who did a great job from lease-up to disposition.” 

Formed in 1994, Phoenix Commercial Advisors is a commercial real estate services company. The company specializes in retail commercial brokerage in Phoenix, Tucson, and surrounding Arizona communities, providing leasing services, tenant and landlord representation, investment sales and redevelopment services to local and national retailers and property investors. Offering the expertise of 250 combined years of experience, Phoenix Commercial Advisors is also member of ChainLinks Retail Advisors, the premier national retail platform connecting elite brokerage companies across the top 50 North American markets.