A Surprise Sale
Another Phoenix shopping center has sold as capital floods the market for deals. (Capital, like birds and Jimmy Buffet fans, like to stay out of the cold.) CBRE's Steve Julius, Barry Gabel, Chris Marchildon, and Jesse Goldsmith brokered the sale of Town Square at Surprise, a 13k SF, 81%-occupied retail center at 14155 W Bell Rd. MA & MA Investments snapped up the property for $2.7M. Part of its attraction for investors, Steve tells us, was both its location and tenant roster, including Pei Wei Asian Diner, Jimmy John's, and Edward Jones.
For a deal of this size, there's still a lot of private capital, Steve says (above, he's hiking Siphon Draw/Flat Iron). And capital, in particular is attracted to Phoenix retail property as the market emerges from the vestiges of recession. Steve is also listing Arrowhead Lakes Marketplace (here), a 22k SF strip center shadow-anchored by Albertson's, for $6.2M, and Grand Retail Plaza, a 6,400 SF strip center, for $1.3M.
