Phoenix, AZ – CBRE has completed the sale of Cave Creek Plaza, a 21,219 sq. ft. retail shopping center located at 16806-16872 N. Cave Creek Road & 2301-2313 E. Bell Road in Phoenix, Arizona. The buyer was DMC Investments, LLC. The seller was PWDAF Bell and Cave Creek, LLC.  Jesse Goldsmith and Steve Julius with CBRE’s Phoenix office represented the seller in this transaction. Total consideration for the deal was $2.55 million.

“Bell and Cave Creek Plaza was in high demand by buyers because of its low price per foot, fair rental rates, and good cash flow,” said CBRE’s Julius. “With the high traffic and dense population, this will be a good long-term investment.” 

Originally constructed in 1978, Cave Creek Plaza is shadow-anchored by a successful 99 Cent Only store. The retail center is also neighbors to Home Depot via two adjacent parking lots. Additionally, low rents and varied lease terms presented an opportunity for long-term revenue growth at this location.

Phoenix, AZ – CBRE has completed the sale Centerpoint at Anthem, a ±29,193-square-foot shopping center located at 4220 W. Summit Walk Court and 42407 N. Vision Way in Anthem, Ariz. The property was 92 percent leased at time of sale and commanded a sale price of $2.7 million.

Steve Julius and Jesse Goldsmith with CBRE’s Phoenix office negotiated the transaction. The seller was Beka III, LLC & Beka IV, LLC of Gilbert, Ariz. The buyer was Scottsdale-based KK Investment Properties, LLC.

“This was an excellent opportunity to purchase a well-maintained asset below replacement cost,” said CBRE’s Goldsmith. “The asset was sold by the original developer who kept the property in immaculate shape for over a decade. The property already benefits greatly from the traffic from the nearby Walmart and Outlet Shops, and there is excellent opportunity for future upside through potential rent growth along with lease-up of the remaining vacancy.

Centerpoint at Anthem was developed in 2005. The property is located on two parcels totaling 2.88 acres and is situated at the intersection of Anthem and Vision Ways. Centerpoint at Anthem benefits from its proximity to countless national brand retailers, as well as the popular Outlets at Anthem, which is located directly north.

Phoenix, AZ – CBRE has completed the sale Stratford Plaza located at 1219 E. Glendale Avenue in Phoenix. The ±20,400-sq.-ft. retail strip center was 84 percent occupied at time of sale and commanded a sale price of more than $2.27 million ($111 PSF).

Steve Julius and Jesse Goldsmith with CBRE’s Phoenix office negotiated the transaction. The seller was La Crescenta Properties of California. The buyer was Phoenix-based Jacor Partners.

“This is a good purchase for Jacor. Infill properties continue to be sought after, and it’s rare to find quality product in such a dense part of Phoenix,” said CBRE’s Goldsmith. “The neighborhood is evolving, and with new local ownership Stratford Plaza should see much success.”

Stratford Plaza is well located and benefits from exceptionally busy traffic on Glendale Avenue, which averages ±38,130 vehicles per day. The property also thrives due to its proximity to the 51 freeway, and its proximity to the Biltmore district. Additionally, the very popular Luci’s Healthy Marketplace is opening its highly anticipated The Orchard concept just north of the subject property on 12th Street, which will further drive traffic to the area.