PHOENIX, Arizona --- Plaza 27, a ±11,250-square-foot retail plaza, traded above ask for $815,000 ($72 PSF). The infill property was 77% leased to short-term tenants at the time of the sale with lots of value-add potential. Located on 27th Avenue just north of Indian School Road, the property sees nearly ±72,000 vehicles passing each day. The property was built in 1964.
The Buyer, Emad Abushanab based in Phoenix, plans to further lease the property and manage it for the long term cash flow. He owns other properties similar to this in the area.
Small value-add retail centers have grown increasingly popular amongst investors, especially ones that are service-oriented retail in good infill locations. The cost of construction makes it hard to compete with existing product in certain areas of town, which further attracts investors to properties like this.
The transaction was negotiated by Nick Miner, CCIM and J.T. Taylor of ORION Investment Real Estate.
“We had multiple offers; completed a best and final round and then escrow was under 3 weeks,” said Nick Miner.
For more information on this transaction, please contact Miner at 480.226.8037 and Taylor at 480.868.2671.