Phoenix, Ariz. – Lee & Associates announced that it has arranged a $30.8 million ($247 PSF) sale of the Chandler Heights Marketplace, a 124,822-square-foot grocery anchored neighborhood shopping center located in Chandler, Arizona.
The sale was a collaborative effort by two Lee and Associates offices, the Lee & Associates Idaho office located in Boise, Idaho and Lee & Associates Arizona. Shane Jimenez of Lee & Associates of Idaho, as well as Jan Fincham and Andrew Lundahl of Lee & Associates Arizona represented the seller, Boardman Enterprises, LLC. Nathan Cardon of Cardon Commercial represented the buyer, Sita Enterprises LLLP.
“The sale of the Chandler Heights Marketplace is an excellent example of the Lee Network opening opportunities for our clients across multiple markets,” said Shane Jimenez, Principal and CFO of the Boise, Idaho office.
With over 69% of the shopping center leased to national and regional tenants, Chandler Heights Marketplace is situated on over 18 acres at 4940 S. Gilbert in Chandler, Arizona, and consists of 124,822-square-feet of shops. The shopping center is home to tenants Bashas’, Ace Hardware, Leslie’s Pools, Starbucks, Orange Theory, Pizza Hut, H&R Block and Edward Jones.
“Chandler Heights Marketplace is attractive to investors because of its strategic location in an affluent area of fast-growing Chandler, Arizona,” said Fincham. “In addition, investors liked that the property consists of a mix of tenants that are internet resistant providing grocery, service, financial, retail, fitness and fast casual restaurant users.”
According to Fincham, within a one-mile radius of the shopping center, the average annual household income is over $157,000. The property also benefits from a strong daytime employment population with over 23,000 employees from Intel, Bank of America, Wells Fargo, Verizon Wireless and PayPal.
For more information contact Jan Fincham at 602-954-3754, Shane Jimenez at 208-343-2300 or Andrew Lundahl at 602-385-3799.