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| Ocotillo Plaza, Chandler, AZ |
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| Peter Bauman |
PHOENIX, AZ – The Phoenix office of JLL has completed the
$11.2 million sale of Ocotillo Plaza, a redeveloped retail building situated in
the heart of Chandler’s Ocotillo area, a thriving residential, retail and
employment hub adjacent to the popular Price Road commercial corridor.
JLL Senior Vice Presidents Peter Bauman and Tivon Moffitt,
Senior Managing Director Dennis Desmond and Senior Vice President Tyson
Switzenberg represented the building seller, Thompson Thrift Retail Group. Nina
Patel represented the buyer, Southern California-based Slater Avenue II LP.
Ocotillo Plaza totals 121,829 square feet at 2880 S. Alma
School Road, on the northwest corner of Queen Creek and Alma School roads in
Chandler, Arizona.
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| Tivon Moffitt |
The building and
10-acre site was purchased in 2017 by Thompson Thrift and then renovated from a
former Target store into a multi-tenant retail building that is now fully
leased to Goodwill and the flagship location of Shoppers Supply, a ranch, home
and outdoor supply retailer.
The repositioned building sits within the larger Ocotillo
Plaza shopping center, which is also in the process of a redevelopment that
includes the addition of an Aldi supermarket.
It is part of a desirable retail corridor boasting anchor tenants such as Albertsons, HomeGoods, Office Max, Sprouts and Stein Mart.
It is part of a desirable retail corridor boasting anchor tenants such as Albertsons, HomeGoods, Office Max, Sprouts and Stein Mart.
“Investors continue to be attracted to high quality,
stabilized greater Phoenix commercial real estate, and that created significant
investor demand for this listing,” said Bauman.
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| Dennis Desmond |
"We were very pleased to work with them on a property that we believe will provide a high-quality, income-producing asset for their portfolio.”
“It has been a
pleasure to work with the entire JLL team on this transaction,” said Chris Hake,
Thompson Thrift Vice President, Director of the Southwest Region.
“We feel this
redevelopment exemplifies the need for creativity in today’s retail real estate
environment. As the Prie Road corridor continues to grow its office presence
and its number of daily employees, this intersection of Alma School and Queen
Creek Road will continue to show strong results from the retailers that are
located there.
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| Tyson Switzenberg |
Ocotillo Plaza is the second project sold by the JLL team in
the Ocotillo/Price Road corridor area in the past few months. Their other
recent transaction was the sale of a single-tenant, Class A office building
located on the Price Road corridor. That office building, which is fully
occupied by Walgreens, sold during the first quarter for $16.7 million.
JLL (NYSE: JLL) is a leading professional services firm that
specializes in real estate and investment management. Our vision is to
reimagine the world of real estate, creating rewarding opportunities and
amazing spaces where people can achieve their ambitions.
In doing so, we will
build a better tomorrow for our clients, our people and our communities. JLL is
a Fortune 500 company with nearly 300 corporate offices, operations in over 80
countries and a global workforce of 83,500 as of March 31, 2018. JLL is the
brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
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| Chris Hake |
In 2017, the Phoenix
team completed 35.7 million square feet in lease and sale transactions valued
at $1.9 billion, directed $112 million in project management and currently
manages a 24.2 million-square-foot portfolio.
For more news, videos and research resources on JLL, please
visit ir.jll.com or www.jll.com/phoenix.
For more information, please contact:
Stacey Hershauer
Phone: +1 480 600 0195
Email: stacey@focusaz.com
