PHOENIX, Arizona – Located at the heavily trafficked intersection of Thomas Road and 75th Avenue, Desert Sky Festival Pad Shops sold within the center for a combined price of $6.68 million ($336/SF). One pad is leased to Chipotle and Skechers and the other is leased to Chase Bank, Metro PCS, Jamba Juice, Liberty Tax and Tortas La Presa. Ari Spiro, Sean Stutzman, and Judi Butterworth of ORION Investment Real Estate represented the Seller, in cooperation with Paul Serafin of De Rito Partners. Sperry Van Ness-Rich Investment Real Estate Partners, out of Los Angeles, represented the Buyer.
Judi Butterworth and Paul Serafin have been involved with the property for years. "In the nine years I've been working on the property, the entire intersection has transformed to a fully-leased, vibrant retail environment," said Butterworth.
The Seller was 7427 W. Thomas Road, LLC and 2837 N. 75th Avenue, LLC based out of Phoenix, Arizona. The Buyer was Apache 4 Investments, LLC based out of Tarzana, CA. Both pads were fully leased at close of escrow.