Phoenix, Arizona – CBRE has completed the sale of Thunderbird Square, a multi-tenant retail center located at the southwest corner of Thunderbird Road and 99th Avenue in Sun City, Ariz. The 21,627 square-foot retail property is 96.2 percent leased to a complementary collection of national and local tenants, including Family Dollar, Edward Jones, Margetis Dentistry, Paradise Hearing, Chang Lee Restaurant and Valley Beauty Salon, among others. The property commanded a sale price of $3.05 million or $141 per square foot.
Andrew K. Fosberg and Dylan A. Brown with CBRE’s Phoenix office represented the seller, AIP TB Plaza I, LLC, an entity formed by Whiteboard Development (Colin Brown, principal) of Phoenix.
“Thunderbird Square is an excellent example of a quality, mixed-use retail redevelopment in the heart of America’s first retirement community – Sun City, Arizona,” said Dylan Brown. “The property drove significant investor interest and our team generated nearly a dozen offers during the marketing process.”
Originally developed in 1974, the property was completely renovated in 2016 and is shadow-anchored by CVS Pharmacy, Wells Fargo and ±51,000 square feet of Class-A medical office space featuring such tenants as Banner University Medicine, Center for Neurology & Spine, Sun Valley Urology and The Clinic for Digestive Diseases, among many others.
“The seller did an excellent job of finding a complementary mix of retail and medical office tenants, drawing off the property’s proximity to Banner Boswell Medical Center and its surrounding demographics,” continued Brown.
Charlie Boukather of Branch Investment Group represented the buyer, a private 1031 exchange investor based out of Irvine, Calif.