CBRE has completed the sale of Palm Valley Pavilions East in Goodyear, Ariz. The 35,199-square-foot retail center commanded a sale price of $4.8 million ($136 PSF).
Palm Valley Pavilions East is located at the southeast corner of Litchfield Road and McDowell Road and is adjacent to the masterplanned community of Palm Valley. The shopping center is shadow anchored by Target and tenants include Michael’s and Starbucks. The retail center was 100% occupied at the time of sale.
Andrew Fosberg, Steve Fernandez and Joseph Compagno of CBRE’s Phoenix office represented the seller, MEI Properties LLC of Buena Park, Calif. The international buyer, Toronto, Ontario-based Claxton Real Estate LP 1, was represented by Tivon Moffitt and Peter Bauman with Colliers International in Phoenix, AZ.
“We continue to see an influx of Canadian investors in the metro Phoenix market,” said Fosberg. “We are seeing many of these investors shift their strategy from looking to purchase bank owned properties to well-located, stabilized assets, such as Palm Valley Pavilions East.”
CBRE's team can be reached as follows: Fosberg is at (602) 735-1723, Fernandez is at (602) 735-5553 and Compagno at (602) 735-1733. Moffitt with Colliers is at (602) 222-5048 and Bauman can be contacted at (602) 222-5053.