PHOENIX – Sand Capital, a privately-held real estate investment company, located in Scottsdale, Ariz., has just closed on 140,390-square-foot Target-anchored power center located at 16735-16845 East Shea Boulevard in Fountain Hills sold for $9.9 million ($70.52 PSF). Sand Capital is the financial arm and sister company to Sandor Development Company, which was founded in 1963 in Indianapolis, Indiana.
Executive Managing Directors Ryan Schubert and Michael Hackett with Cassidy Turley’s Retail Capital Markets Group represented the seller, Retail Properties of America, Inc. (RPAI) of Oak Brook, IL. The buyer was an affiliate of Sandor Development, NSHE Los Gatos, LLC.
“Four Peaks Plaza is a recently constructed power center that services an affluent population in Fountain Hills,” Mr. Hackett said. “The property offered the buyer income with in-place leases and the ability for additional cash flow through the lease-up of the available ±36,133 square feet.”
Built in 2002, Four Peaks Plaza is situated on ±17.66 acres at the intersection of East Shea and Saguaro boulevards. The center is anchored by Target, which was not part of sale, and includes a diverse roster of prominent national retailers including Pier One Imports, Hi-Health, Starbuck’s, Subway and O’Reilly Automotive. Four Peaks Plaza was 74% leased at the time of sale.
Today, Sandor owns and manages over 8-million-square-feet of shopping centers in 25 states throughout the United States. Once acquired, Sand Capital assets are managed and leased by Sandor.