CBRE arranged the sale of Tatum Ranch Crossing, a 31,001-square-foot grocery-anchored shopping center located at the northwest corner of Tatum Boulevard and Cave Creek Road in Cave Creek, Ariz.
Philip D. Voorhees and Jimmy Slusher with CBRE’s National Retail Partners-West group based in Newport Beach, Calif. and Steve Julius and Jesse Goldsmith with CBRE’s Phoenix office represented the seller, Watt Phoenix Associates, LP. CBRE’s Julius and Goldsmith also represented the buyer, Phoenix-based SWC 28th and Peoria Investors, LLC, who purchased the property for $6.7 million or 97 percent of the list price.
Completed in 2000, Tatum Ranch Crossing, located at 29815 N. Tatum Blvd., is situated across nearly 6.3 acres. The Safeway-anchored multi-tenant center consists of five buildings and offers a mix of food and services-based retailers including Jack in the Box, Subway, Bank of America, Allstate Insurance, Mathnasium and H&R Block.
“Tatum Ranch Crossing attracted multiple bidders from throughout the Southwest due to the quality of the physical property and potential for upside,” said CBRE’s Slusher.
The property benefits from exceptional visibility along heavily trafficked Cave Creek Road, high-barrier-to-entry demographics and excellent synergy with nearby retail.