PHOENIX, Arizona – CBRE has completed the sale of a 100 percent occupied shopping center located at the northeast corner of 51st Avenue and Baseline Road in Laveen, an urban village located within metro Phoenix. The nearly 34,575-square-foot retail property has a complimentary mix of tenants, including Jimmy John’s, Native Grill & Wings, Little Caesars Pizza, AT&T, AutoZone and Taco Bell, among others. The property commanded a sale price of $10.65 million, or $308 per square foot. The Taco Bell and AutoZone were ground leases.
Joseph R. Compagno and Andrew K. Fosberg with CBRE’s Phoenix office represented the seller, Kent, Washington-based investor as well as the buyer, a Newport Beach, California-based institutional capital buyer. New interest only bank financing was completed by Bruce Francis, Vice Chairman for CBRE Capital Markets and Western Region Manager for CBRE Debt & Structured Finance.
“We generated eleven offers for ownership during our marketing period,” said CBRE’s Compagno. “We found the Newport Beach, California based institutional buyer in our proprietary global database of investors. The buyer placed very attractive new bank financing on the property through CBRE.”
The Shoppes at Rogers Ranch is located less than one mile east from the future location of the new Loop 202 interchange along Baseline Road. Roadwork has begun on the approximately 22-mile extension of Loop 202 that will connect the West Valley and Southeast Valley, bypassing downtown Phoenix. The South Mountain Freeway will connect Interstate 10 in Chandler to the Interstate 10 in West Phoenix, and will follow Pecos Road through Ahwatukee and head north near 59th Avenue through Laveen (Source: AZDOT).