Phoenix, Arizona – CBRE announced the sale of two retail properties located within the 147,469-square-foot Elliot Plaza in Tempe, Arizona for $10.45 million.
Steve Julius, Jesse Goldsmith and Chase Dorsett of CBRE in Phoenix represented the seller, Phoenix-based The Niki Group/ Unified CRE Investors, in both transactions.
Elliot Plaza – Main Building is a multi-tenant shopping center located at 7720, 7760A and 7760B S. Priest Drive in Tempe, Arizona. Susan Ehsan of San Juan Capistrano, California acquired the 53,158-square-foot, 100 percent leased property from The Niki Group/ Unified CRE Investors for $6.6 million. Tenants include The Tile Shops, American Freight Furniture and Palette Collective – a local salons suites operator with 46 sub-suites and a coffee shop—all on triple-net (NNN) leases.
In a separate transaction, DG Boo Investments, LLC/Joe Wojdowski of San Diego, California purchased a 10,000-square-foot, multi-tenant retail pad located at 7700 S. Priest Road in Tempe, Arizona from The Niki Group/ Unified CRE Investors for $3.85 million. The property is 100 percent leased to Firehouse Subs, Hertz and Black Bear Diner, which are all on NNN leases.
Built in 1990, both properties are situated at the southwest corner of Elliot Road and Priest Drive and benefit from high traffic counts, strong visibility, strong demographics and household formation. More than 182,149 people live in the City of Tempe, with an average household income exceeding $76,000 and projected population growth of 8.1 percent between now and 2022, according to CBRE Research.
In 2018, CBRE represented Dallas-based Trigate Capital and The Niki Group/ Unified CRE Investors in the $26.1 million sale of Elliot Plaza.