CASA GRANDE, Ariz. – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Tri Valley Plaza, a 112,000-square-foot-retail property at 1325 East Florence Boulevard in $13,400,000.
Sanford Burstyn, senior vice president investments in Marcus & Millichap’s Phoenix office, had the listing to market the property. The out-of-state Buyer was in a 1031 Tax exchange.
Tri Valley Plaza is a high-traffic retail shopping center comprised of two buildings. The bigger was vacated by Walmart to move to a bigger store. The Seller, a developer/re-developer, backfilled the 310-foot-deep space with national/credit tenants including Goodwill, Planet Fitness, Ace Hardware, Jo-Ann Fabric and Aarons.
The smaller drive-thru building fronting Florence Boulevard is occupied by Mattress Firm, Jimmy Johns and Cox Communications. Fry’s Food & Drug (Kroger) draws significant consumer traffic to the shopping center.