Phoenix, AZ– CBRE has completed the sale of North Mountain Village Shopping Center located at 3401-3431 W. Thunderbird Road in Phoenix. The asset commanded a sale price of more than $10.5 million ($111 PSF).
Cam Stanton with CBRE’s Phoenix office represented the seller, CT Retail Properties Finance IV, LLC of Vista, California. The buyer was Scottsdale-based Pivot Development and was represented by Dan Salley and Jack Wilson with Cushman & Wakefield.
“North Mountain Village Shopping Center is one of very few true value-add opportunities currently in the market,” said Stanton. “The property is located in a mature, densely populated submarket with good income demographics. Leasing up vacant space in the shopping center could add approximately $200,000 to the net income for the investor.”
The property is comprised of ±94,379-square-feet of retail space on ±7.34 acres. North Mountain Shopping Center was approximately 85 percent leased at time of sale, and tenants include Ross Dress for Less, Dollar Tree, Christian Book Store, Subway, H&R Block and Leslies Pool Store, among others.
North Mountain Village Shopping Center is located at the southeast corner of 35th Avenue and Thunderbird Road, approximately one mile west of I-17 and two miles north of Metro Center. The site is shadow-anchored by a high-performing Fry’s Food and Drug.