Thank you for sharing!

Your article was successfully shared with the contacts you provided.

GILBERT A 25,025-sf retail center located on the fringe of this area’s urban sprawl has been grabbed by a California investment firm in a $4.6 million deal that saved the prime commercial corner from impending bankruptcy.

“It was a real smoking deal,” Michael Day, with Sperry Van Ness Mullin, told GlobeSt.com, referring to the acquisition of the Rodeo Park Plaza by Rodeo Park Plaza LLC.

Day said the investment firm had been wanting to expand its Phoenix-area holdings when it heard that the 1661 South Val Vista Drive property was facing bankruptcy and in need of a buyer. Within months of going to the market, the investment group had cut a deal for the property.

“This center is an excellent investment in one of the nation’s fastest growing cities,” said Day, who along with Ari Spiro and Jeff Chalfin, all of Sperry Van Ness Mullin, represented the buyer in the transaction. The seller, Ray Val LLC, was represented by Sanford Burstyn of Marcus and Millichap.

Day said the Ray Road and Val Vista Drive shopping plaza appealed to the buyers because its location on the fringes of rapid development would make it a prime parcel within the next year. Presently, a new hospital, freeway, regional mall, at least two power centers and several residential developments are planned for the area, putting the Rodeo Park Plaza in a good position for retail rentals.

The plaza is currently is 89% leased to several local tenants including Meridian Cleaners, Cornerstone Animal Hospital, Gilbert Smiles, Nails by Pam, Payday Now, Tropical Tans, Arizona Hair Company, Tulies Restaurant & Sports Lounge and Water N Ice.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.