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Bay Area Buyers Nab Strip Center

GILBERT, AZ-At a 9.5% capitalization rate, the Denning Family Trust is "not getting any great return," says Dan Grooters, a broker with the Denver office of Marcus & Millichap. But Cooper Marketplace is "a good, stable investment.

By John Rebchook | Updated on December 13, 2001

GILBERT, AZ-The Denning Family Trust from the San Francisco Bay area has paid $2.4 million for the 15,000-sf Cooper Marketplace in this Phoenix suburb. The center, built in 1999, is at the southeast corner of Cooper and Warner roads.

The seller was the CM Preschool LLC. Dan Grooters, a broker with the Denver office of Marcus & Millichap, handled the transaction.

“I had sold the buyer a retail center in Colorado Springs a couple of years ago, and he was looking for another investment in Colorado, but I couldn’t find him anything. So I went to Arizona,” Grooters tells GlobeSt.com. “He was looking for a newer, clean, well-situated strip shopping center and we found it in Phoenix.”

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