Class-A Retail Center Finds CA Buyer

LITCHFIELD PARK, AZ—The Camelback Crossing shopping center located at 5115 N. Dysart Rd. was purchased by Madison Plaza 1 LLC for $14.5 million or $154 per square foot. The seller was Nevada Holding Co. L.P., a Delaware Company. Madison Park is an entity formed by a California investor.

Anchored by family-owned chain, Bashas' grocery store, and Walgreens drug store, Camelback Crossing also features a variety of nationally and regionally recognized retailers. The center is adjacent to the prestigious Wigwam Resort and Spa, and within close proximity to Luke Air Force base.  

Executive managing directors, Ryan Schubert and Michael Hackett of Cushman & Wakefield, negotiated the sale on behalf of the seller.  

Schubert tells GlobeSt.com: "Camelback Crossing offered its new owner the opportunity to acquire an institutionally owned and operated grocery-drug shopping center of recent, trophy construction and popular tenancy located in the heart of the Litchfield Park, AZ community. Along with this came the ability to acquire prime developable land within and adjacent to the existing center."

Built in 2003, Camelback Crossing contains 94,156 square feet of class-A retail space, with 85,000 square feet of gross leasable space, and is currently 93.3% leased. The minimum divisible space is 1,057 square feet and the maximum contiguous space is 1,679 square feet. 

"The West Phoenix market continues to expand, and Camelback Crossing is ideally located to service the growing population with a strong mix of daily needs tenants," said Schubert. "Additionally, the property offers tremendous upside potential with future development opportunities for the pad sites."