Phoenix, Ariz. –West Star Plaza, a ±9,300 square foot retail building located at 4131 N. 83rd Ave. in Phoenix, Ariz. The asset commanded a sale price of $725,000 ($78 PSF). The property was fully leased at time of sale.

The fully occupied West Star Plaza features a tenant roll that includes a mix of local tenants as well as a corporate Little Caesar’s Pizza and DolEx Money Transfer. Located in West Phoenix, West Star Plaza benefits from a mix of residential, shopping and entertainment options within minutes of the property, including Desert Sky Mall and Ak-Chin Pavilion.

Jesse Goldsmith and Steve Julius with CBRE’s Phoenix office represented the seller, Robert J. Tufts, trustee of the Robert J. Tufts Revocable Living Trust of Salem, Oregon. The buyer, Phoenix-based Arhtom Investments LLC, was represented by Paul Blum of Patriot Commercial Properties.

Goldsmith can be reached at (602) 735-5217and Julius at (602) 735-5216. Blum can be contacted at (602) 508-0055

Phillips-Edison Fund IV Portfolio includes properties across six states and totals over 1.35 million square feet

Phoenix, Ariz. – CBRE’s National Retail Investment Group has been selected to market the Phillips-Edison Fund IV Portfolio. The nine-property retail portfolio contains properties in six states and totals over 1.35 million square feet.

Jesse Goldsmith and Steve Julius of CBRE in Phoenix, Ariz., along with Christian Williams and Gleb Lvovich of CBRE’s National Retail Investment Group, have been retained to market the portfolio.

The portfolio contains one Phoenix property, Village Center, which is located at 4304 E. Cactus Rd. in the Paradise Valley submarket. The 159,425-square-foot retail center is anchored by a Target and sits directly west of Paradise Valley Mall.

“Village center offers investors a chance to purchase a high performing Target store on a below market ground lease,” said CBRE”s Goldsmith. “Village Center, along with the two properties in Oregon, is a class A asset, which makes this portfolio a unique opportunity as there is a lack of class A product currently on the market.”

The Phillips-Edison Fund IV Portfolio includes nine retail centers across six states. These include Village Center in Phoenix, Ariz.; Prairie Point and Glidden Crossing in Aurora and DeKalb, Ill., respectively; Marketplace in Independence, Mo.; Deerfield Place and Plaza North in Omaha, Neb.; Silver State in Sparks, Nev.; and Johnson Creek and Hermiston Plaza in Happy Valley and Hermiston, Ore., respectively. Six of the properties are grocery anchored. The properties must be purchased as a portfolio and are not available separately.

The 16,700-square-foot mixed-use Scottsdale Road Plaza at 4253 N Scottsdale Rd in Scottsdale sold for $3.94 million ($236 PSF) to Dallas-based, RSFM 4253, LLC.

Built in 1961, Scottsdale Plaza is located in Old Town Scottsdale within walking distance to restaurants, Fashion Square Mall and numerous galleries and other entertainment attractions. The prominent commercial building was 51% leased at time of sale. A U.S. Bank branch is housed on the first floor and the 7,237-square-foot second floor is currently vacant and available for lease.

Steve Julius, Jesse Goldsmith and Traci Russell of CBRE’s Phoenix office represented the seller, Scottsdale 4253, LLC of Phoenix in the transaction.

Julius can be reached at (602) 735-5216, Goldsmith is at (602) 735-5217 and Russell can be contacted at (602) 735-1764.