Phoenix, Arizona – CBRE announced the sale of a 36,208-square-foot retail center located at the northwest corner of Van Buren Street and Litchfield Road in Goodyear, Ariz., for $3.4 million.

Cam Stanton of CBRE and Alan Zell, CSM of Phoenix based ZELL Commercial Real Estate Services represented the seller, D.C. II, LLC. Mike Vercellino with Mutual Property Advisors represented the buyer in the transaction. ZELL managed and leased Goodwill Village for more than twenty years prior to the sale.

Built in 1989, Goodyear Village is a neighborhood retail property located at 378-432 N. Litchfield Rd. The property, which was 70 percent leased at the time of sale, offers a mix of tenants, including O’Reilly Auto Parts, Little Caesar’s Pizza and CosmoProf. The center is shadow anchored by a 25,000-square-foot Goodwill retail store and a newly signed DD’s Discounts that will occupy approximately 30,000 square feet. The remaining 6,250-square-feet will be leased to a third retailer.

“Once Goodwill came to the property in 2018 and occupied a portion of the vacant Fry’s space, we were able to leverage the center as a strong value-add investment opportunity in a rapidly expanding corner of Goodyear,” said Stanton. “The area is also benefitting from increased activity as more than 12 million square feet of quality industrial space is being developed nearby, further adding to the center’s attractive profile.”

The property is located one half mile south of Interstate 10 with convenient access to metro Phoenix. Nearby amenities include several dining and retail options, a Marriott TownePlace Suites hotel and the Phoenix-area location for the Cancer Treatment Centers of America.

PHOENIX, Arizona – CBRE arranged $40.4 million in debt financing for four multi-tenant retail centers located in metro Phoenix and Las Vegas.

Bruce Francis, Dana Summers, Robert Ybarra, Shaun Moothart and Doug Birrell of CBRE, Debt & Structured Finance arranged the 10-year loan and full-term interest-only for the borrower, an institutional client of CenterSquare Investment Management. The loan includes the ability for the borrower to add, release or substitute properties to the portfolio over the next 12-18 months.

“The facility allowed the borrower to increase or decrease loan proceeds over the term of the loan, and add, substitute or release properties, giving the borrower maximum flexibility to execute their business plan,” said CBRE’s Bruce Francis.

The Metro Phoenix properties include Shoppes at Rogers Ranch, located at the northeast corner of 51st Avenue and Baseline Road in Laveen, Ariz., and Lake Pleasant Crossing, located at 25101 & 25225 N. Lake Pleasant Parkway and 9710 W. Happy Valley Road in Peoria, Ariz. The Las Vegas properties are Blue Diamond Marketplace, located at 8030-8180 Blue Diamond Road in Las Vegas and Cannery Corner, located at 2520-2760 E. Craig Road in Las Vegas.

“In an environment where there is an abundance of concern over the current state of the retail industry, we were pleased we were able to secure accretive financing to allow for the borrower to execute on their long-term business plan,” said CBRE’s Shaun Moothart. “Our team worked seamlessly through a multi-stage year-long process. Initially, we secured financing for each individual center on a one-by-one basis. As the portfolio approached a scale that we felt would be attractive to the institutional debt markets, we went back out to market to secure this large portfolio loan facility which allows the borrower to increase the loan amount up to $150,000,000+/- as additional properties are added to the pool and allowed the borrower to release and substitute properties.”

“CenterSquare is very pleased with the execution by the CBRE team on behalf of our client,” said Jeffrey Reder with CenterSquare. “This debt financing achieved the objectives we had laid out with our client when we initiated this specific retail investment strategy in these two target markets one year ago. We truly appreciate the effort and of course the results. With this debt financing now in place, CenterSquare looks forward to continuing our work with the CBRE team to efficiently finance future acquisitions and rapidly grow the portfolio for our client.”

The four retail centers are ideally situated in areas with strong demographics and high traffic counts. Collectively, the properties total185,687 square feet and feature a diverse mix of national and regional tenants. The four properties averaged 95 percent occupancy at the time of funding.

TUCSON, Arizona – A group of Tucson investors, CA 36^th Street American, LLC, purchased the former Grant Road Lumber Contractor Yard at 3361 East 36^th Street from Tucson-based, SDS Land and Building Company, LLC, the owners of former Grant Road Lumber, for $2.7 million ($64 PSF) with 42,016-square-feet of buildings.

NPL Construction Co. (NPL) then leased approximately nine acres of the 15 acres for ten-years along with the buildings south of the railroad tracks. The remaining parcel, approximately six acres, remains for sale or lease with the entire rail spur available for the north property.

NPL, a wholly owned subsidiary of Centuri Group, Inc., is a comprehensive utility infrastructure services enterprise dedicated to delivering a diverse array of solutions to North America’s gas and electric providers.

Founded in a small town in northern Minnesota, NPL began as Northern Gas Line Constructors focusing exclusively on gas customers. By 1971, the company progressed from the installation of local farm taps to construction of several large gas pipeline projects in nearby states. In 1973, the company was renamed Northern Pipeline Construction Company, and a few years later, moved to its current location to Phoenix.

In 2008, Northern Pipeline became NPL Construction Company. Today, the company is recognized as a leader in natural gas construction with a reputation in safety, quality, and customer satisfaction.

NPL leased approximately nine acres of the former Grant Road Lumber site located at 3361 East 36th Street. The remaining parcel, approximately six acres, remains for sale or lease with the entire rail spur available for the north property.

Dean Cotlow with Cotlow Company of Tucson handled the transaction.

For more information, Cotlow should be reached at 520.881.8180.

To learn more, see RED Comp #6808.