Arizona-based Pivot Development, LLC has purchased North Mountain Plaza, a retail center in Northwest Phoenix for $10,577,000.
Cushman & Wakefield Senior Vice Presidents Dan Salley and Jack Wilson negotiated the purchase transaction on behalf of the buyer. Cam Stanton of CBRE represented the seller, CT Retail Properties Finance IV, LLC.
North Mountain Plaza is located at 3401-3431 W. Thunderbird Rd. and was constructed in 1975. The 95,000-square-foot shopping center sits on a land parcel totaling 522,720 square feet. The shopping center is anchored by a Fry’s grocery store, but the anchor space was not part of the transaction. North Mountain Plaza is currently 82 percent occupied.
“This property fit well in Pivot Development’s field of expertise,” said Mr. Salley. “The center offers a great ‘value add’ opportunity with an excellent anchor tenant. Pivot plans to remodel the project over a period of time, enhancing lease appeal and long term value.” The successful merger of Cushman & Wakefield and DTZ closed September 1, 2015. The firm now operates under the iconic Cushman & Wakefield brand and has a new visual identity and logo that position the firm for the future and reflect its trusted global legacy and wider history. The new Cushman & Wakefield is led by Chairman & Chief Executive Officer Brett White and Global President Tod Lickerman. The company is majority owned by an investor group led by TPG, PAG, and OTPP.
