CBRE has completed the sale of The Shops at Peoria Crossings, a multi-tenant retail building, located at the northwest corner of Northern Avenue and 91st Avenue in Peoria, Ariz. The 10,526 square-foot retail property is fully leased to five tenants on long-term NNN leases and sold at $5.1 million or $485 per square foot.
The building is 100 percent leased to America’s Best Contacts & Eyeglasses, Nekter Juice Bar, UbreakiFix, DIP Nail Bar and Churroholic.
Andrew K. Fosberg and Dylan A. Brown with CBRE’s Phoenix office represented the seller, SimonCRE Harley II, LLC, an entity formed by SimonCRE (Joshua Simon, Founder and CEO) of Scottsdale, Ariz.
“The Shops at Peoria Crossings is an excellent example of a brand new, internet-resistant retail shops development in the fast-growing West Valley of metropolitan Phoenix,” said CBRE’s Fosberg. “SimonCRE recently completed the new freestanding retail building, which delivered 100 percent pre-leased. The property attracted significant investor interest and an impressive $485 per square foot sales price.”
The property and its tenants benefit from excellent freeway visibility, signage along Northern Avenue, proximity to the Desert Diamond West Valley Casino (to be delivered in 2020), as well as from its location at the entrance to the Target-anchored Peoria Crossings Shopping Center.
“In developing within this power center, we fulfilled our vision to add yet more value to an already popular area,” said Simon. “We appreciate the opportunity to deliver lasting desirability, contributing to the fast-growing Peoria/Glendale community.”
The buyer, Frye Family Partnership III, was represented by Pat Kent, James Ackley and Parker Walter of SRS Real Estate Partners in Newport Beach, Calif.
Featured by CBRE (Original article)