Phoenix Commercial Advisors announced the closing of the Shops at Dove Valley Ranch, multi-tenant shops on the southwest corner of Black Mountain Parkway and Carefree Highway, Wednesday. The property, located on 1.88 acres at 4705 E. Carefree Highway, Cave Creek, Ariz., sold for $6,120,000 at a 4.07 percent cap rate. The final price was 98 percent of the asking price and $157.23 per square foot.
The 38,925-square-foot building was 56 percent leased at the time of sale with a mix of local and national tenants, including Leslie’s Swimming Pool Supplies, Ray’s Pizza, Zona’s Oils, Yoga Breeze, Q to U BBQ, Ranch and Desert Realty, Heart & Soul Café and Pinky Nails & Spa. John Schweikert and Chad Tiedeman at Phoenix Commercial Advisors represented the seller, TerraCotta Realty Fund, LLC, in the transaction. The transaction is one of 31 retail investment property sales to-date for the Phoenix Commercial Advisors’ Investment Team in 2017.
“The Shops at Dove Valley Ranch was a great opportunity for the Buyer to acquire a high-quality, value-add investment in a high-income trade area with barriers to entry for service-based retailers and restaurants,” said Schweikert.
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, tenant representation, development, investment and redevelopment services to local and national retailers and property investors. Offering the expertise of nearly 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.
