Newmark announces the sales of Don Carlos Plaza (2651-2667 West Baseline Road) and Meineke* (2056 West Southern Avenue) in Mesa, and Fairway Plaza (5843 West Indian School Road) in Phoenix, Arizona. The three retail assets total 48,188 square feet. Newmark Associate Chase Dorsett led the transactions in cooperation with Senior Managing Directors Steve Julius and Jesse Goldsmith, representing the sellers for Don Carlos Plaza and Meineke and both parties at Fairway Plaza.
“We were thrilled to have the support of Chase, Steve and Jesse in the transaction at Fairway Plaza. Getting the transaction done required creativity on the part of all parties involved and that kind of flexibility and willingness to pivot to achieve a win-win is what we got in working with this team,” said Sam Arikat, the buyer of Fairway Plaza.
“Transactions are still happening, even amidst the pandemic and the resulting movement and social distancing restrictions. There are still investors—whether they are completing a 1031 exchange or see long-term value in real estate—interested and active in multi-tenant retail properties,” said Dorsett of the recent activity.
Unanchored retail strip center assets have transacted more frequently throughout the pandemic than other types of multi-tenant retail assets in Phoenix, and over 70 percent of multi-tenant retail transactions have been unanchored retail strip centers, according to Newmark Research.
“Due to the low price point of these assets, the buyer pool is larger, and more buyers are able to pay cash. Additionally, single-tenant retail assets have proved to stay in high demand throughout the pandemic, due to many being considered essential businesses and providing a stable income stream,” concluded Dorsett.
*Initial commission agreement was executed under brokers’ previous employer, CBRE.
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 18,000 professionals operate from approximately 480 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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