C&W Arranges Sale of AZ Retail Center
Sarofim Realty Advisors acquired The Plant, a nearly 57,000-square-foot shopping center in suburban Phoenix, from Common Bond Development Group. The property changed hands for $25.8 million.
By Beata Lorincz
The Plant in Chandler, Ariz.
Cushman & Wakefield has facilitated the sale of The Plant, a 56,831-square-foot shopping center located in the south-eastern outskirts of Phoenix. Sarofim Realty Advisors acquired the asset from Common Bond Development Group for $25.8 million.
The grocery-anchored shopping center is situated on a 7.6-acre site at 4021-4095 South Gilbert Road, in Chandler, Ariz., in a suburban, mostly residential area. The Plant is anchored by Sprouts Farmers Market, which opened at the location in April 2016. Other tenants include Starbucks, Café Rio, Pet Planet, Club Pilates and Dairy Queen.
Modern architecture
The Plant in Chandler, Ariz.
A segmented roof structure covers the recently constructed retail center, conceived by Suite 6 Architecture and Planning. The agrarian-style theme of the design conforms to the surrounding community, honoring Chandler’s rural history.
The Cushman & Wakefield team was composed of Ryan Schubert and Michael Hackett, who represented the seller in the transaction.
During the first quarter of the year, Cushman & Wakefield’s Executive Director Chris Toci served as the investment sales broker for the trade of a Class A, LEED Gold-certified office building in Phoenix.
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