May 17, 2018 Comments Off on Arizona Power Center Acquired for $51M Views: 2635 Arizona, National News, Southwest

Arizona Power Center Acquired for $51M

SanTan Village Marketplace, a destination retail center located in Gilbert, AZ, has traded hands. An entity formed by Santa Monica, CA-based CP Retail Inc. purchased the property for $51.4 million.

Constructed in 2006, the asset is a 285,581-square-foot regional power center spanning nearly 26 acres at 2796 S Market St. Currently 97.2% leased, the diverse tenant roster includes more than 93% tenancy to national/credit tenants including Jo-Ann Fabrics, Bed Bath & Beyond, Marshalls, DSW, Office Max and Old Navy.

CP Retail Inc.’s Phillip Duke says, “CP Retail is pleased with the acquisition of SanTan Village Marketplace, and remains focused on acquiring similar Class A properties across the country.”

Cushman & Wakefield’s Michael Hackett and Ryan Schubert represented the seller, a venture of Blackstone Group and DDR Corp.

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