"Especially in light of the way the economy has behaved this year, our brokers, while always strong, are to be commended for having done a remarkable job," says Pete Bolton, senior managing director in Phoenix.
The most expensive sale brought $32.5 million for the 130,096-sf Casa Paloma at 7131 W. Ray Rd. in Chandler. A close second was held by the $31.5-million sale of the 326,000-sf Outlets at Anthem at 4250 W. Anthem Way in Phoenix. Third place went to the 281,494-sf Mesa Pavilions, located at 3902 E. Hampton Ave., which fetched $31.3 million.
The Desert Palms Power Center, which just closed, wrought $27.6 million for 330,978 sf of retail space. The Phoenix center is positioned at 3721 E. Thomas Rd. The 240,835-sf Groves Power Center at 1050 W. Elliot Rd. in Tempe closed at $23.9 million and Peoria's North Valley Power Center reaped a little more than $14 million when it changed hands. The North Valley Center, totaling 114,013 sf, is situated at 8235 W. Bell Rd.
Buyers put up $13.7 million for the 123,740-sf Arrowhead Marketplace at 8154 W. Bell Rd. Rd. in Glendale limits while another investment group shelled out $13.2 million for the 107,662-sf Palm Valley Marketplace, positioned at 14175 W. Indian School Rd. in the suburb of Goodyear. The 116,282-sf Signal Butte Marketplace at 10715 E. Main St. in Mesa sold for $12.6 million this year and Carefree Court, an 84,951-sf center at 36889 Tom Darlington Rd. in Carefree for $10.8 million.
In the latest UCR/ChainLinks report, the Phoenix area continues to be a strong retail market as new and existing retailers and restaurants "press the demand for new stores." Researchers say power centers and regional malls have the dominant edge, with grocery-anchored centers trailing the demand. "Grocery stores and large retail boxes are seeking retail urban locations, but there are few opportunities available," according to a market analysis. Small shop space in new grocery-anchored centers is pulling $18 per sf to $25 per sf.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.