Phoenix, Arizona – CBRE Investment Properties has completed the sale of The Shoppes at Windmill Square, a freestanding, multi-tenant retail center located at 3950 West Ray Road in Chandler, Ariz. The 8,330 square-foot retail property is 100% leased to two food & beverage-focused tenants: Helluva Brewing Company and Chicago’s Pizza with a Twist.
The property commanded significant investor interest and a sale price of $2,570,000 or $309 per square foot.
Andrew K. Fosberg, Dylan A. Brown and Ryan Eustice with CBRE’s Phoenix office represented the seller, Bergougnan Family Group, LLC of Mesa, Ariz.
Originally developed in 2005, the property was completely renovated in 2018 for both tenants and is shadow-anchored by CVS Pharmacy, Chase Bank, AutoZone, Papa Murphy’s Pizza, 20/20 Image Eye Centers and Solar Waves Tanning, among others.
“The Shoppes at Windmill Square is an excellent example of a fully renovated, internet-resistant retail shops building in the fast-growing Southeast Valley of metropolitan Phoenix,” said CBRE’s Fosberg. “The Property’s location, long-term leases and renovated suites drove significant investor interest.”
The buyer, West End Hotel, LLC, was represented by Bob Broyles of Colliers International.
