Phoenix, Arizona – CBRE has completed the sale of a 19,756-square-foot neighborhood retail property in Maricopa, Ariz., to two private investors based in Washington for $3.5 million.
CBRE’s Steve Julius, Jesse Goldsmith and Chase Dorsett represented the seller, Duke Plaza, LLC (Sean Katona), in the transaction.
“We were eager to identify a buyer that would benefit from the ownership’s successful revitalization of the property,” said Goldsmith. “The seller spent a lot of time working to stabilize the rent roll, enhance curb appeal and improve tenant mix to ensure the buyer would be acquiring a stable asset in a submarket with very little vacancy.”
The property is located at 19756 N. John Wayne Parkway in the fast-growing community of Maricopa, situated nearly 16 miles southwest of Phoenix. The center is fully leased to several tenants including HomeSmart, American Family Insurance, City of Maricopa Water and Great Western Bank.
Since 2000, the town of Maricopa has grown nearly 2,900 percent, adding more than 50,000 residents. The town is connected to Interstate 10 via State Route 347.