Phoenix, Arizona – CBRE announced the sale of a 36,208-square-foot retail center located at the northwest corner of Van Buren Street and Litchfield Road in Goodyear, Ariz., for $3.4 million.
Cam Stanton of CBRE and Alan Zell, CSM of Phoenix based ZELL Commercial Real Estate Services represented the seller, D.C. II, LLC. Mike Vercellino with Mutual Property Advisors represented the buyer in the transaction. ZELL managed and leased Goodwill Village for more than twenty years prior to the sale.
Built in 1989, Goodyear Village is a neighborhood retail property located at 378-432 N. Litchfield Rd. The property, which was 70 percent leased at the time of sale, offers a mix of tenants, including O’Reilly Auto Parts, Little Caesar’s Pizza and CosmoProf. The center is shadow anchored by a 25,000-square-foot Goodwill retail store and a newly signed DD’s Discounts that will occupy approximately 30,000 square feet. The remaining 6,250-square-feet will be leased to a third retailer.
“Once Goodwill came to the property in 2018 and occupied a portion of the vacant Fry’s space, we were able to leverage the center as a strong value-add investment opportunity in a rapidly expanding corner of Goodyear,” said Stanton. “The area is also benefitting from increased activity as more than 12 million square feet of quality industrial space is being developed nearby, further adding to the center’s attractive profile.”
The property is located one half mile south of Interstate 10 with convenient access to metro Phoenix. Nearby amenities include several dining and retail options, a Marriott TownePlace Suites hotel and the Phoenix-area location for the Cancer Treatment Centers of America.