Newmark announces the $5.778 million sale of Crossroads at Deer Valley Plaza at 1838 West Bell Road in Phoenix, Arizona. Newmark Senior Managing Directors Jesse Goldsmith and Steve Julius and Associate Chase Dorsett represented the seller, an investment group led by Jeff Geyser, in the sale of the 17,043-square-foot retail center to an undisclosed buyer. In addition to the retail center, the sale also included two billboards.
“This was a world-class transaction; the buyer and seller worked together diligently to make sure the NOI was accurate amidst a global pandemic. Patience and transparency were demonstrated by both parties,” said Jesse. “This transaction went into escrow soon after the pandemic hit, which is indicative of the buyer’s faith in retail, the shopping center’s fundamentals and the Phoenix market.”
Built in 2008 and remodeled in 2018, Crossroads at Deer Valley Plaza is on a 1.51-acre lot on the northeast corner of North 19th Avenue and West Bell Road in Phoenix, Arizona. With total traffic counts of 73,546 vehicles per day at the intersection, this asset offers a highly visible location for retailers. The property is 100% occupied with a tenant mix including Eyeglass World, Wing Stop, L.A. Insurance, Royal Vapor, Cricket and DC Dental.
Unanchored retail strip center assets have transacted more frequently throughout the COVID-19 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.
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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