PHOENIX—In this edition of Deal-Tracker, CBRE completes the sale of Metro Commons, a multi-tenant retail center located at 3121 W. Peoria Ave. in Phoenix. The 17,755-square-foot, class A retail center sole for of $7.78 million.
Andrew Fosberg, Cam Stanton, Chris Ackel and Molly Busch with CBRE's Phoenix office represented the seller, an entity formed by Jacor Partners of Phoenix. The buyer was Brentwood, CA Roseben MC, LLC.
“Metro Commons is an excellent example of a quality, infill redevelopment project. The seller tore down an old office building and turned the corner into thriving retail location,” says CBRE's Fosberg. “The strip retail center commanded an impressive per square foot price of $438.”
Metro Commons was 100% leased at time of sale and home to nationally recognized tenants, including Verizon, Smashburger, The Joint, Potbelly's, Menchie's, Mod Pizza and Yogi's Grill, among others. The property and its tenants benefit from excellent visibility and signage along Peoria Avenue. Metro Commons also benefits from freestanding Chick-Fil-A and Starbucks pads that shadow-anchor each side of the property.
PHOENIX—Daum Commercial Real Estate Services has negotiated the $1.33 million sale of a three-acre improved industrial land parcel located at the northeast corner of 21st Street and University Drive in Phoenix.
Steve Bodeman with Daum Phoenix represented the buyers, Don and Mary Carlson, owners of Reliable Forklift Sales of Phoenix. The seller, Swaine Asphalt of Phoenix, was represented by Matt Hobaica of Lee & Associates in Phoenix.
Reliable Forklift Sales is doubling in size and relocating from 3652 E. Chipman Rd. in Phoenix. The buyers plan to add a 15,000-square-foot warehouse building to the new site for a sales, services and rental center for the forklift company. The industrial parcel is currently home to a 2,000-square-foot office building and a 4,000-square-foot steel industrial shop, which Reliable Forklift Sales will also occupy.
PHOENIX—Marcus & Millichap announces the sale of Romano's Macaroni Grill, a 6,810-square-foot net-leased property located in Goodyear, according to Don Morrow, regional manager of the firm's Phoenix office. The asset sold for $3 million.
Jamie Medress and Mark Ruble, investment specialists in Marcus & Millichap's Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
Romano's Macaroni Grill is located at 1828 North Litchfield Road in Goodyear.
PHOENIX—Irgens has acquired an 8.64-acre development ready land site at the southeast corner of 91st Avenue and Thunderbird Road in Peoria. The site is located approximately a half mile west of State Route 101 and features dual access at a signalized intersection at 91st Avenue and Thunderbird Road.
"This site's high visibility and easily accessible location, combined with its development-ready infrastructure, makes it an ideal location for a health system seeking to expand its market presence Northwest Phoenix," says Jason Meszaros, vice president and market manager.
Irgens has rezoned the site and has plans for up to 60,000 square feet of class A medical office building. Multiple area businesses, retail, and hotel amenities are located within immediate proximity to site. Water, sanitary sewer, gas, electric and telecommunications service are located at the property's perimeter.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
