SimonCRE sold the property to 83rd Ave + Camelback Rd, LLC and Sunset Square Plaza LLC. Chris
Hollenbeck, vice chair, and Shane Carter of Cushman & Wakefield represented the seller. (Submitted Photos/DigitalFreePress)
Staff Reports | Business & Construction
Cushman & Wakefield announced the sale of a retail property at 28379 N. El Mirage Road in Peoria for $3.45 million. The property will remain leased to Starbucks following the transaction.
SimonCRE sold the property to 83rd Ave + Camelback Rd, LLC and Sunset Square Plaza LLC. Chris Hollenbeck, vice chair, and Shane Carter of Cushman & Wakefield represented the seller.
“This transaction demonstrates the continued demand for well-located retail assets in the greater Phoenix market,” Chris Hollenbeck, vice chair at Cushman & Wakefield, said. “We were pleased to represent SimonCRE, a valued repeat client, in this sale. The property’s proximity to major employers and its position within a thriving retail corridor make it a compelling investment for the new owners.”
The property includes a retail building with a modern design that can accommodate a variety of tenants. The site offers visibility along El Mirage Road and benefits from nearby residential and commercial development. Recent improvements and the property’s layout contribute to its functionality for both investors and tenants.
Found in a growing area of Peoria, the property provides access to major transportation routes and is situated near established neighborhoods and commercial centers.
The area has experienced population growth and is located within the northwest Valley near major employment hubs, including Taiwan Semiconductor Manufacturing Co.’s semiconductor manufacturing campus. According to a press release, those factors have contributed to continued retail development and investment activity in the surrounding area.
