Well-located and designed retail centers
CBRE has completed the sale of Peoria Marketplace, a ±25,481-square-foot multi-tenant shopping center in Peoria, Ariz. The grocery shadow-anchored retail property is located at 7521, 7549 and 7611 West Cactus Road and commanded a sale price of $5.1 million.
Steve Julius and Jesse Goldsmith with CBRE’s Phoenix office negotiated the transaction between the seller, G and T Retail Properties, LLC of Phoenix, and the buyer, Westlake Village, Calif.-based Barstow Shopping Centers, LLC. Jeff Levine, managing member with G and T Retail Properties, was also heavily involved in the sale process.
This property meets our investment objectives of well-located and designed retail centers, with a diversity of good tenants, that produce income with the opportunity for growth in income and value,” said Jim Howard, Managing Partner with Progression REI.
Peoria Marketplace is a stable asset with future upside,” said CBRE’s Goldsmith. “The property has performed well since it was developed and 25 percent of the rent roll is comprised of national tenants. In addition, the property has a strong leasing history due to the grocery anchor and strong traffic counts.”