TUCSON, ARIZONA — DSW Commercial et al closed on the southwest corner of Wilmot and Broadway retail center at 6228, 6230 and 6270 E Broadway Blvd in Tucson for $9.25 million ($148 PSF) in an off-market transaction.

The 62,399 SF retail center was built in 1974 on 6.52 acres, and has tenants such as Tuesday Morning, Bev Mo!, Famous Footwear, and did not include the three pads for Dutch Bro’s, Sweet Tomatoes or the gas station. The buyer also owns Wilmot Plaza on the northwest corner of Wilmot & Broadway with Nordstrom’s The Rack and TJ Max.

James Hardman of DSW Commercial Real Estate represented the buyer, SWC Wilmot and Broadway Manager, LLC affiliate DSW IREIF SWC Wilmot Owner, LLC. The seller, Kivel Realty Investments’ affiliate K-Gam Broadway Wilmot, LLC was self-represented.

“This is our second acquisition at Wilmot and Broadway; we just love the Wilmot corridor for its strong retail opportuny,” said Hardman. “It’s one of three proven retail areas in Tucson; the others being at Irvington and I-19 and around the Tucson Mall area.”

The property closed on June 30th with only a couple of vacancies in the center.

For more information, Hardman can be reached at 520.297.8929.

To learn more, see RED Comp #9974

JLL Capital Markets completed the sale of Corner on 7th and Marketplace at Lincoln and Scottsdale

PHOENIX, ARIZONA – JLL Capital Markets announced it has closed the $25.7 million sale of a retail portfolio comprising two shopping centers totaling 38,274 square feet in Phoenix and Scottsdale, Arizona.

JLL marketed the properties on behalf of the seller, MDC Realty Advisors, a subsidiary of Epic Investment Services. An institutional buyer acquired both assets.

The portfolio comprises Corner on 7th and Marketplace at Lincoln and Scottsdale in Scottsdale. The 16,202-square-foot Corner on 7th is a strip retail center 93.5 percent leased to a popular slate of mainly restaurant and service tenants, including Ahi Poki, Wingstop, Vovemeena, Mad Greens, Chipotle, Zoyo, Cryotherapy for Veterans and Five Guys. The center, which offers a rare, shared courtyard, is situated on 1.24 acres at 527-539 W. McDowell Rd. and 1515 N. 7th Ave. at a high traffic intersection with more than 77,000 cars passing by daily. This dense location near both Downtown and Uptown Phoenix serves the more than 310,000 employees within a five-mile radius.

The Marketplace at Lincoln and Scottsdale in Scottsdale is a 22,072-square-foot, Class A neighborhood center that is fully leased to essential retail, restaurants and health and wellness tenants such as Mixtures Pharmacy, Herbal Nails & Spa, Wolfson Cardiology, Scramble, Radiant Waxing Salon, S & L Dental and SumoMaya. Positioned on 2.19 acres at 6560-6590 N. Scottsdale Rd., the trophy center caters to Arizona’s most affluent communities, Scottsdale and Paradise Valley, and is in an irreplaceable location with high barriers to entry in the heart of Scottsdale and is adjacent to the new Ritz-Carlton Resort.

The JLL Retail Capital Markets team representing the seller was led by Managing Director Patrick Dempsey and Associate Patrick Anthon.

“Institutional Investors remain interested in high-quality retail properties with daily needs tenants that are internet resistant,” Dempsey said. “Despite the recent increase in the cost of mortgage financing, there are investors who are interested in buying best-in-class retail properties.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

PHOENIX, ARIZONA – The sales of three office buildings in the Valley highlight recent transactions closed by NAI Horizon professionals. Two office buildings in Phoenix and one in Mesa totaled $6.5 million.

Mark Wilcke and Larson Wilcke negotiated the sale of a 6,768 SF office building, representing the buyer, M & H Investments, LLC, for $2.475 million. The property is located at 2530 E. Southern Ave., Mesa, AZ. The seller, 2530 Southern, LLC, was represented by Wally Hale & Drew Sampson with Avison Young.

Sharon Reeves negotiated the sale of a 11,727 SF office building, representing the buyer, Integro Bank for $2.3 million. The property is located at 16215 N. 28th Ave., Phoenix, AZ. The seller, Copper State Credit Union, was represented by Paul Holland and John Barnes with Colliers International.

Laurel Lewis negotiated the sale of a 10,944 SF office building representing the buyer, Blessed 777, LLC, for $1.75 million. The property is located at 8828 N. Central Ave., Phoenix, AZ. The seller, SF PHX Ventures, LLC, was represented by Craig Trbovich & Niki Saunders with Commercial Properties, Inc.