November 30, 2021 9:00 AM
Newmark[1] announced that it has completed the sale of Stratford Plaza, a 20,600-square-foot retail center in Phoenix, Arizona for $3 million. Newmark Senior Managing Directors Steve Julius and Jesse Goldsmith and Associate Director Chase Dorsett were the sole brokers on the transaction, representing both the buyer and the seller.
The seller was Tom Author of Jacor Investments. The buyer, Brian Cornwell of 10K Development, is a local real estate investor and developer. The new owner is a second-generation Phoenix real estate family looking to remodel and improve the properties in their neighborhood. The transaction represents a prime example of the ongoing trend of infill redevelopment where older retail plazas in good locations are upgraded and revitalized to mirror the improvements being made to other parts of the neighborhood.
“The buyer sees Stratford Plaza as an asset in a great location that needs a little remodel and updating,” said Julius. “This infill neighborhood has been revitalized over the past few years, especially among residential properties, so it’s time for commercial to follow.”
Stratford Plaza is a multi-tenant retail center located at 1219 E Glendale Avenue in Phoenix, Arizona. The property totals 20,600 square feet and is situated on 1.07 acres of land. It is 83% leased to 14 local established tenants.
Located just north of downtown Phoenix, Stratford Plaza is conveniently positioned less than a mile from the Piestewa Freeway and is a 10-minute drive from the Phoenix Sky Harbor International Airport. The property is situated at the lighted intersection of Glendale Avenue and 12th Street, a high-traffic intersection that sees over 46,000 vehicles per day. The area has a daytime population of 428,000 within a 5-mile radius and 156,000 households.
Phoenix’s high quality of life at an affordable price point and explosive growth in gainful employment opportunities has continued to attract a torrential inflow of out-of-state residents to the Metro Phoenix area, with overall net migration accounting for 75.2% of total population growth from 2010-2020, according to Newmark Research. Of those moving to Phoenix, a majority have been young professionals, advancing Phoenix’s reputation as one of the top cities for millennials across the nation. This trend has helped maintain Phoenix’s flourishing housing and apartment markets, which benefit from ample and cheap land surrounding major employment centers for continuing expansion while maintaining a low cost of living.
Julius, Goldsmith and Dorsett continue to be active, completing 24 transactions year-to-date with five properties under contract, further confirming Metro Phoenix’s strong market fundamentals, the recovery of the retail sector, and the expectation of continued growth for the market.
[1] Dba Newmark Knight Frank in Arizona
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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