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Retail Gem Since 1957 Has Long-Term Appeal

PHOENIX—CVS Pharmacy chose to backfill the vacant Fresh & Easy space, which is a testament to the long-term potential of the site.

By Lisa Brown | lisabrown | | Updated on June 03, 2016
Arcadia Village Arcadia Village has sold for nearly $20 million.
PHOENIX—Arcadia Village, a CVS pharmacy-anchored neighborhood shopping center located on the southwest corner of Camelback Road and 40th Street in the prestigious Arcadia neighborhood, has sold for $19.65 million. The buyer was undisclosed and the seller was Arcadia Retail LLC. Built in 1957, Arcadia Village includes 37,006 square feet of retail space. The center’s anchor, CVS, occupies approximately 48.5% of the total leasable space in the property. Cushman & Wakefield executive managing directors, Ryan Schubert and Michael Hackett , represented the seller. “Arcadia Village is an irreplaceable piece of real estate located in the heart of the Arcadia/Biltmore neighborhood with excellent Camelback Road exposure. The fact that CVS Pharmacy chose to backfill the vacant Fresh & Easy space less than a year from its closure is a testament to the long-term potential of the site,” says Schubert. Additional tenants include Baskin Robbins, Urban Wax, Arcadia Village Dentist, Sundrops Nail Salon, Gigi’s Cupcakes, Giant Rustic Pizza and The Grind Burger Bar . The property was 100% leased at the time of sale. Schubert tells GlobeSt.com: “Arcadia Village is an long-standing gem in the heart of the Arcadia neighborhood of Phoenix. The buyer was attracted to the exciting mix of successful local tenants paired with the recent opening of a new CVS Pharmacy, which jumped at the opportunity to take over the space from Fresh and Easy.”  

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