Newmark announces the sale of Campbell Crossing, a 23,725-square-foot infill retail center previously under the same ownership for 25 years. The asset, which sold for $2.5 million or $105.37 per square foot, will undergo a significant remodel and tenant repositioning.
Newmark Executive Managing Director Jerry Jacobs and Managing Director David Guido represented the buyer, Del Mar Ventures Group, a newly formed real estate investment firm which has created a significant presence in the metro Phoenix market in a short amount of time. MCK Realty was the seller.
The 1980s vintage asset, located at 4514 North 16th Street, features 15 tenant suites with five tenants currently in place. The investment firm plans to reposition Campbell Crossing as a high-end retail destination, updating and modernizing building exteriors and interiors and installing high-quality tenants to elevate the experience of neighborhood residents.
There has been a recent boom in multifamily construction adjacent to the retail center - 1,200 Class A multifamily units immediately surround the asset, another 4,188 existing Class A units sit within a 2-mile radius and another 1,158 are under construction, according to Newmark Research. “The development of these high-density multifamily residential projects - sometimes on-site of former retail inventory - makes Campbell Crossing an execellent investment, as nearby renters seek easily accesible retail and dining destinations. The surrounding neighborhood has begun to reflect the increasing purchasing power and changing taste profile of these residents,” said Jacobs. “The buyer saw an amazing value-add opportunity in Campbell Crossing and was motivated to move very quickly - the transaction closed in just 12 days.”
The asset is located on the southwest corner of Camelback Colonnade, which has remained an underdeveloped, but premium, location in Phoenix. In the heart of the Camelback Corridor and adjacent to the luxury Biltmore neighborhood, Camelback Colonnade features over 40 retail and dining options.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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