PHOENIX, AZ – Cushman & Wakefield, a global leader in commercial real estate services, announced today that Madison Plaza 1, LLC, an entity formed by a California investor, purchased Camelback Crossing for $14.5 million ($154 PSF). The Seller was Nevada Holding Co., L.P., a Delaware Company.
Executive Managing Directors Ryan Schubert and Michael Hackett of Cushman & Wakefield negotiated the sale on behalf of the seller.
Built in 2003, Camelback Crossing contains 94,156-square-feet of Class A retail space and is currently 93.3% leased. Anchored by Bashas’ grocery store and Walgreens drug store, Camelback Crossing also features a variety of nationally and regionally recognized retailers. The center is located at 5115 N. Dysart Rd. in Litchfield Park, AZ, and is adjacent to the prestigious Wigwam Resort & Spa and within close proximity to Luke Air Force base.
“The West Phoenix market continues to expand, and Camelback Crossing is ideally located to service the growing population with a strong mix of daily needs tenants,” said Mr. Schubert. “Additionally, the property offers tremendous upside potential with future development opportunities for the pad sites.”
The successful merger of Cushman & Wakefield and DTZ closed September 1, 2015. The firm now operates under the iconic Cushman & Wakefield brand and has a new visual identity and logo that position the firm for the future and reflect its trusted global legacy and wider history. The new Cushman & Wakefield is led by Chairman & Chief Executive Officer Brett White and Global President Tod Lickerman. The company is majority owned by an investor group led by TPG, PAG, and OTPP.