Phoenix, AZ (March 11, 2025) — Newmark announces the firm has arranged the sale of Arcadia Court, a fully-leased infill shopping center with a drive-thru pad, located at 2303 N 44th St in the sought-after Arcadia neighborhood of Phoenix, Arizona. The asset sold for $9.65 million.
Newmark Senior Managing Directors Steve Julius and Jesse Goldsmith and Director Chase Dorsett represented the buyer and seller in the transaction. The buyer is Armstrong Capital Development (“ACD”), a Denver-based private development company that specializes in acquiring, developing, and managing commercial real estate investments in the Intermountain West. The company, founded in 2005, is actively seeking self-storage, neighborhood retail, and small bay industrial opportunities in Utah, Colorado, Arizona, and Dallas/Fort Worth. The seller was 44 Arcadia, LLC, managed by Arileus Capital.
“The sale of Arcadia Court tells a compelling story about the value of redeveloping existing retail centers versus the rising costs of new construction,” said Julius. “Retailer demand remains strong, and buyers are flocking to neighborhood centers like this one, anchored by ‘essential’ businesses that serve the daily needs of the community.”
This is the second shopping center Arileus Capital has sold within the last year. The company continues to own and operate nine shopping centers in the state of Arizona.
Arcadia Court is made up of 22,198 square feet, and hosts 11 tenants in an L-shaped building, anchored by a Salad & Go drive-thru. Positioned on the northeast corner of 44th Street and Oak Street, the property is two miles north of the Loop-202 Freeway and 10 minutes from Phoenix Sky Harbor Airport. Arcadia Court is surrounded by a mix of retail businesses, restaurants and multifamily properties.