PHOENIX, Arizona – CBRE represented Phoenix-based Perry Investment Trust No. 1, LLC, in the acquisition of two Phoenix-area retail properties totaling 18,456 square feet. Barry Gabel and Chris Marchildon with CBRE’s Phoenix office represented the buyer in both transactions. The two properties, located at 950 E. Bell Road and 5120 N. Central Avenue, sold for $11.1 million ($601 PSF).
Built in 2017, the high-profile infill mixed-used development at 950 E. Bell Road features 12,087 square feet of retail space. The 100-percent leased center includes national tenants Café Rio, Smashburger, Blaze Pizza and the Flame Broiler and local tenants La Vie En Nail Spa and Arizona Hair Co. Total consideration for this property was $6.6 million ($546 PSF). The seller was represented by Chad Tiedeman and Steve Underwood with Phoenix Commercial Advisors.
Located in a highly desirable central Phoenix location, the 6,369-square-foot retail pad at 5120 N. Central Avenue sold for $4.5 million ($706 PSF). Originally constructed in 1975 and completely renovated in 2016, the two-tenant property is 100-percent occupied by Blaze Pizza and MAD Greens, both on long-term leases. The seller was also represented by Chad Tiedeman with Phoenix Commercial Advisors.
“The buyer has acquired two highly visible retail properties in some of the metro’s most exciting corridors for retail, office and multifamily development,” said CBRE’s Gabel. “Both centers benefit from an attractive mix of national and regional tenants, strong surrounding demographics and proximity to major employment hubs.”