Watson Marketplace Sold for $22M









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By Justin Sumner  September 15, 2014

Faris Lee Brokers Sale of Fully Leased Retail Center

Interstate Holdings acquired Watson Marketplace at 441-733 S. Watson Rd. in Buckeye, AZ from the center’s developer, Scottsdale-based Desert Troon Companies, for $22 million, or about $244 per square foot. The sale represented a 1031 Exchange for the all-cash, San Diego-based buyer, and closed at a 6.8 percent CAP rate.

The 90,000-square-foot shopping center sits on almost 10 acres in the South Buckeye Retail submarket of Maricopa County, 30 minutes west of Phoenix. It features monument signage at the ramp to I-10, a main artery of Phoenix, and is directly across the street from Sundance Towne Center, home to Lowe’s Walmart, Petsmart, and Walgreens.

At the time of sale, Watson Marketplace was fully leased to 15 national credit and regional tenants including Goodwill, Denny’s, The UPS Store, Dunkin Donuts, and Firehouse Subs. Included in the sale was two retail pad sits totaling 1.2 acres and ground-leased to a 5,250-square-foot McDonalds and a 4,583-square-foot Bank of America.

Chris Tramontano, Matthew Mousavi, and Patrick Luther with Faris Lee Investments represented the seller and buyer in the sale.

“Faris Lee implemented a break up strategy for the property,” stated Tramontano. “Marketing the anchored portion of the center and the two ground-leased retail pads individually would maximize value and meet the seller’s objective of selling the entire project this year. We secured several strong offers, particularly for the McDonald’s and Bank of America pads, which were in the low 4 percent cap rate range. However, the San Diego buyer required a larger transaction as part of the upleg of its 1031 Exchange. Because of this, we negotiated an attractive, all-cash offer with an aggressive blended cap rate for the entire center. The seller benefitted from a short escrow term, and the buyer’s acquisition requirements were met.”

Please see CoStar COMPS #3108972 for additional information on this transaction.




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I am a successful Commercial Investment Real Estate Broker in Arizona now for 20 years and I worked with banks and their commercial REO properties for 3 years. I am also a commercial landspecialist in Phoenix and a Landspecialist in Arizona.





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