Investor eyes potential after buying half-vacant Deer Valley Plaza
CBRE has arranged the sale of Deer Valley Plaza, an 87,811-square-foot, two-building shopping center located at 1838 and 1818 W. Bell Road in Phoenix. GM 19 Bell, LLC, a group formed by local developer Jeff Geyser, purchased the center from Deer Valley Associates, LLC for $6.2 million, or $70.60 per square foot. The property was 47 percent occupied with 13 tenants at the time of sale. Geyser has owned, developed and redeveloped over 70 properties throughout the Western U.S., primarily in Arizona.
“Deer Valley Plaza is located at a high-traffic intersection in a bustling North Phoenix submarket, providing the buyer with tremendous opportunity to bring new and exciting retailers and services to the area,” said CBRE’s Julius.
“We look forward to re-positioning Deer Valley Plaza and making it a vibrant property once again,” said Geyser. “I really appreciate Steve and Jesse’s hard work and diligence on this transaction. It was also a pleasure working with the seller, Bill Mehrens.”
The property is situated along North Phoenix’s dense Bell Road corridor, offering access to the I-17 freeway and several major big-box retailers, including Super Walmart, Sam’s Club and Kohls.