California Investor Acquires West Valley Retail Building for $2.89 Million

Coldwater Plaza, 1461 N. Dysart Rd., Avondale, AZ

PHOENIX, Arizona – CBRE negotiated the sale of a 10,017-square-foot multi-tenant retail building located at Coldwater Plaza in Avondale, Ariz., for $2.89 million. George Boukather, based in Newport Beach, Calif., acquired the property, located at 1461 N. Dysart Rd., from Sparty Holdings, LLC, based in Great Falls, Va. CBRE’s Steve Julius, Jesse Goldsmith and Joe Compagno represented the seller in the transaction.

Built in 2003, the four-unit building is 87 percent leased to three existing tenants including Red Dragon Buffet, Cricket Wireless and CheckMate. The property is adjacent to Sam’s Club, Ashley Home Furniture and Home Depot, which anchor Coldwater Plaza.

“Today, free-standing buildings with high street visibility are the most desired properties to both retail tenants and investors, especially when surrounded by national tenants, like this building at Coldwater Plaza,” said Steve Julius, First Vice President with CBRE.

The property is situated in metro Phoenix’s fast-growing Avondale/Goodyear submarket with access to the Valley via nearby Interstate 10. Downtown Phoenix and Phoenix Sky Harbor International Airport are within a 30-minute drive from the property.




Fiesta District Shopping Center Trades for $2.8 Million

Shops at Banner

PHOENIX, Arizona CBRE negotiated the sale of a Mesa shopping center located near the intersection of Southern Avenue and Dobson Road. Wong 168, LLC, based in Novi, Michigan, purchased the property from 2120 Southern Avenue, LLC, a group formed by local developer Jeff Geyser, for $2.8 million ($262 PSF).   Geyser has owned, developed and redeveloped over 70 properties throughout the Western U.S., primarily in Arizona.

Jesse Goldsmith and Steve Julius with CBRE Phoenix represented both the buyer and seller in the transaction.

Shops at Banner is a 10,675-square-foot multi-tenant infill retail center situated in Mesa’s Fiesta District at 2110 W. Southern Ave. The center features a mix of local and national tenants including Little Caesar’s, Studio 21, Firehouse Subs and ABC Eye Specialists. The property is located across the street from Mesa Community College and Banner Desert Medical Center and is in close proximity to the U.S. 60 freeway.

“The Shops at Banner is well located within Mesa’s iconic Fiesta District and features a strong mix of tenants that will ensure a long term stable investment for the buyer,” said CBRE’s Goldsmith. “With the seller’s revitalization investment, the center will continue to perform well and attract similar tenants to this dyanmic area of Mesa.”




Investor Eyes Potential in Half-Vacant Deer Valley Plaza, Buys Property for $6.2 Million

Deer Valley Plaza, Phoenix, AZ

PHOENIX, Arizona – CBRE has arranged the sale of Deer Valley Plaza, an 87,811-square-foot, two-building shopping center located at 1838 and 1818 W. Bell Road in Phoenix. GM 19 Bell, LLC, a group formed by local developer Jeff Geyser, purchased the center from Deer Valley Associates, LLC for $6.2 million, ($70.60 PSF). The property was 47 percent occupied with 13 tenants at the time of sale. Geyser has owned, developed and redeveloped over 70 properties throughout the Western U.S., primarily in Arizona.

Steve Julius and Jesse Goldsmith with CBRE’s Phoenix office represented both the buyer and the seller in the transaction.

“Deer Valley Plaza is located at a high-traffic intersection in a bustling North Phoenix submarket, providing the buyer with tremendous opportunity to bring new and exciting retailers and services to the area,” said CBRE’s Julius.

“We look forward to re-positioning Deer Valley Plaza and making it a vibrant property once again,” said Geyser. “I really appreciate Steve and Jesse’s hard work and diligence on this transaction. It was also a pleasure working with the seller, Bill Mehrens.”

The property is situated along North Phoenix’s dense Bell Road corridor, offering access to the I-17 freeway and several major big-box retailers, including Super Walmart, Sam’s Club and Kohls.

Jason Fessinger and Kalen Rickard of CBC Commercial are spearheading the leasing for the property and can accommodate users from 1,500-square-feet to 23,300-square-feet.