Newmark Knight Frank has finalized the $5.8 million disposition of Crossroads at Deer Valley Plaza, a 17,043-square-foot standalone retail property in Phoenix. Senior Managing Directors Steve Julius and Jesse Goldsmith, along with Associate Chase Dorsett negotiated on behalf of the seller, a private investor.
Located on a 2-acre parcel at 1838 W. Bell Road, the single-story building was completed in 2008 and renovated in 2018. At the time of the sale, the property was fully occupied by Cricket, DC Dental, Wing Stop and L.A. Insurance. Other retailers in the area include Kohl’s, Dollar Tree, Jack in the Box and McDonald’s. Additionally, the property is 17 miles north of the city center.
In Phoenix, during the coronavirus pandemic, demand for unanchored retail assets has been greater than any other multi-tenant retail properties, NKF research shows. Transactions of unanchored retail buildings constituted more than 70 percent of all multi-tenant retail sales.
In May, the firm arranged a $36 million refinancing package for DivcoWest’s 180 Townsend, a 40,917-square-foot office property in San Francisco. JP Morgan Asset Management originated the funds.