Shops at Arrowhead sell for astounding $848.48 per square foot
SRS announced the recent sale of the Shops at Arrowhead on behalf of their client Armstrong Bell 75th Development, LLC. The 9,900-square-foot shopping center is positioned on the southeast corner of Bell Road and 75th Avenue in Peoria, Ariz. The buyer acquired the property for $848.48 per square foot, one of the highest price per square foot sales transactions to have sold in the Phoenix Metro area, for this property type, according to SRS broker Sean Thomas. SRS sourced the site, leased the property to 100% with credit tenants and sold the asset.
Newly built in 2017, this multi-tenant building has gained significant quality construction with 100% recognized national and regional tenants such as Café Rio, Smash Burger, Dicky’s Barbecue Pit, Even Stevens Sandwiches, and Madgreens.
Sean Thomas, vice president, along with Ed Beeh, EVP and market leader, and Chuck Gibson, senior vice president with SRS represented Armstrong Development in the transaction.