Tower Plaza in Phoenix sells for above asking price
Phoenix Commercial Advisors facilitated the sale of Tower Plaza, a seven-tenant shop building located on the southwest corner of 40th Street and Thomas Road. The shops, located on 3.18 acres at 3935 E. Thomas Road, Phoenix, sold above asking price for $7,200,000 or $160 per square foot.
The 44,884-square-foot building was 100 percent leased to a blend of local and national tenants, including Red Wing Shoes, Peter Piper Pizza, WSS, Ombudsman, Tombstone Brewing Company, Third Space Athletic Club and Oscar’s Mexican Food. Danny Gardiner and Torrey Briegel at Phoenix Commercial Advisors represented the seller in the transaction.
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“The shops are located in a dynamic trade area with a dense surrounding population. Those factors paired with the fact that many of the tenants have been operating there for more than 20 years make this an attractive asset. We also received multiple full-price offers for Tower Plaza. All of which played a part in it trading where it did,” said Danny Gardiner
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.