SIERRA VISTA, AZ-A 28,780-square-foot, shadow-anchored retail center here has sold for $276 per square foot – one of the highest prices in the state.
The buyer, a high-net worth individual from Seattle, paid $7.98 million for the property, which was developed by Sandor Development. The Phoenix-based company sold the center, dubbed Wal-Mart Plaza, in an all-cash transaction at a cap rate of 7.6%.
Located at the intersection of Highway 90 and Martin Luther King Boulevard in this tertiary market about 90 minutes southeast of Tucson, the center is shadow-anchored by a Wal-Mart Supercenter and a planned Sam’s Club. It was completed just five months ago.
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