{"id":1004385557,"date":"2020-01-27T11:33:01","date_gmt":"2020-01-27T19:33:01","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004385557"},"modified":"2021-05-10T02:06:13","modified_gmt":"2021-05-10T10:06:13","slug":"vestar-sells-metro-phoenix-retail-center-for-62m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vestar-sells-metro-phoenix-retail-center-for-62m\/","title":{"rendered":"Vestar Sells Metro Phoenix Retail Center for $62M"},"content":{"rendered":"<div id=\"attachment_1004385563\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/1-e1580142816777.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004385563\" data-attachment-id=\"1004385563\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/vestar-sells-metro-phoenix-retail-center-for-62m\/1-32\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/1-e1580142816777.jpg\" data-orig-size=\"1325,993\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Lucia Morosanu&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1580138083&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Crossroads Towne Center\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Crossroads Towne Center. Image via Google Street View&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/1-e1580142816777.jpg?w=1024\" class=\"wp-image-1004385563 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/1-e1580142816777.jpg\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/1-e1580142816777.jpg 1325w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/1-e1580142816777.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/1-e1580142816777.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/1-e1580142816777.jpg?resize=1024,767 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004385563\" class=\"wp-caption-text\">Crossroads Towne Center. <em>Image via Google Street View<\/em><\/p><\/div>\n<p>Consolidated-Tomoka Land Co. has purchased Crossroads Towne Center in Chandler, Ariz., for $61.8 million. This purchase equates to a going-in cap rate of roughly 7.9 percent. Maricopa County resources show the seller of the 254,000-square-foot asset as Vestar.<\/p>\n<p>The buyer partially financed the acquisition using 1031 like-kind exchange proceeds from two different deals that took place in 2019. In October, the company sold the controlling interest from its land portfolio to Magnetar Capital for $97 million. In November, Consolidated-Tomoka also sold a portfolio of 20 assets to Alpine Income Property Trust.<\/p>\n<p>Located at 3757 S. Gilbert Road just south of the Santan freeway and adjacent to the 250-acre mixed-use Rivulon, the asset is 25 miles of downtown Phoenix. Home Depot and Wal-Mart anchor the retail center, even though they were not part of the deal, as well as a 12-screen Harkins Theatre and Bob\u2019s Discount Furniture. The property is 99 percent leased to 32 tenants with a weighted average lease term of roughly five years. The tenant roster includes Chick-fil-A, JPMorgan Chase and Olive Garden. Vestar will manage the asset and JLL will provide leasing services.<\/p>\n<p>Recently, Consolidated-Tomoka expanded its presence in Florida with the <a href=\"https:\/\/www.commercialsearch.com\/news\/jacksonville-retail-center-changes-hands-for-63m\/\">$63 million acquisition<\/a> of The Strand. The 212,000-square-foot shopping center was 95 percent occupied at the time of sale.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 245,000-square-foot Crossroads Towne Center was 99 percent leased at the time of sale. <\/p>\n","protected":false},"author":748,"featured_media":1004385563,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21742,1601,21749],"tags":[39216,32796,35655],"class_list":["post-1004385557","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-latest","category-phoenix","category-retail","tag-consolidated-tomoka-land-company","tag-jll","tag-vestar"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Vestar Sells Metro Phoenix Retail Center for $62M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/vestar-sells-metro-phoenix-retail-center-for-62m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vestar Sells Metro Phoenix Retail Center for $62M\" \/>\n<meta property=\"og:description\" content=\"The 245,000-square-foot Crossroads Towne Center was 99 percent leased at the time of sale.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/vestar-sells-metro-phoenix-retail-center-for-62m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-27T19:33:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-10T10:06:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/1-e1580142816777.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1325\" \/>\n\t<meta property=\"og:image:height\" content=\"993\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lucia Morosanu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/vestar-sells-metro-phoenix-retail-center-for-62m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/vestar-sells-metro-phoenix-retail-center-for-62m\/\",\"name\":\"Vestar Sells Metro Phoenix Retail Center for $62M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/vestar-sells-metro-phoenix-retail-center-for-62m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/vestar-sells-metro-phoenix-retail-center-for-62m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/1-e1580142816777.jpg\",\"datePublished\":\"2020-01-27T19:33:01+00:00\",\"dateModified\":\"2021-05-10T10:06:13+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/1077c2cf363c47bc75d1ab4c42b53bb5\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/vestar-sells-metro-phoenix-retail-center-for-62m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/vestar-sells-metro-phoenix-retail-center-for-62m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/vestar-sells-metro-phoenix-retail-center-for-62m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/1-e1580142816777.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/1-e1580142816777.jpg\",\"width\":1325,\"height\":993,\"caption\":\"Crossroads Towne Center. 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