PHOENIX, ARIZ. – CBRE has completed the sale of The Shops at Peoria Crossings, a multi-tenant retail building, located at the northwest corner of Northern Avenue and 91st Avenue in Peoria, Ariz. The 10,526 square-foot retail property is fully leased to five tenants on long-term NNN leases and sold at $5.1 million or $485 per square foot.
The building is 100 percent leased to America’s Best Contacts & Eyeglasses, Nekter Juice Bar, UbreakiFix, DIP Nail Bar and Churroholic.
“The Shops at Peoria Crossings is an excellent example of a brand new, internet-resistant retail shops development in the fast-growing West Valley of metropolitan Phoenix,” said CBRE’s Fosberg. “SimonCRE recently completed the new freestanding retail building, which delivered 100 percent pre-leased. The property attracted significant investor interest and an impressive $485 per square foot sales price.”
The property and its tenants benefit from excellent freeway visibility, signage along Northern Avenue, proximity to the Desert Diamond West Valley Casino (to be delivered in 2020), as well as from its location at the entrance to the Target-anchored Peoria Crossings Shopping Center.
“In developing within this power center, we fulfilled our vision to add yet more value to an already popular area,” said Simon. “We appreciate the opportunity to deliver lasting desirability, contributing to the fast-growing Peoria/Glendale community.”
The buyer, Frye Family Partnership III, was represented by Pat Kent, James Ackley and Parker Walter of SRS Real Estate Partners in Newport Beach, Calif.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.