 |
Chandler Pavilions, a 163,594-square-foot, high-traffic, value-add, regional retail center situated on 17.97 acres at 800-890 North 54th Street in Chandler, AZ
PHOENIX, AZ – JLL
Capital Markets announced it has closed the sale of Chandler
Pavilions, a 163,594-square-foot, high-traffic, value-add, regional retail
center located in Chandler, Arizona.
JLL
marketed the property on behalf of the seller, Invesco Real Estate, a global
real estate investment manager. Evergreen Devco, Inc. purchased the asset in
cash, free and clear of any debt.
 |
| Patrick Dempsey |
The property is 72 percent leased to a complementary
mix of top-tier national and regional tenants and is shadow anchored by a
grocery tenant.
Situated on 17.97 acres at 800-890 N. 54th St.,
the center is adjacent to Interstate 10, exposing the property to more than
135,000 vehicles per day, and is located just off Ray Road, which has traffic
counts of approximately 40,000 vehicles per day.
Additionally, Chandler Pavilions’ location in a
dense, affluent area puts it within 96,135 residents earning an average
annual household income of nearly $110,000 living within a three-mile
radius.
The JLL Retail Capital Markets team was led by Managing Directors Patrick
Dempsey and Gleb Lvovich.
“Retail Investment sales are difficult in the era of COVID-19 due
to tenant occupancy issues and rent deferral agreements,” Dempsey said. “But in
this case, both the buyer and seller worked flawlessly together to complete
this transaction.”
 |
| Gleb Lvovich |
“Despite the headwinds in the retail space, we are seeing
significant capital flows into the space and robust offer activity for the
right asset at the proper risk adjusted returns, like Chandler Pavilions,”
Lvovich added.
For more news, videos and research resources on JLL, please
visit our newsroom.
CONTACT:
Kimberly
Steele
JLL
Senior Associate
Public Relations
Phone: +1
713 852 3420
No comments:
Post a Comment