Phoenix-based retail brokerage specialist Western Retail Advisors has completed the $11.1 million sale of 83 Marketplace. The newly built, Class A retail center was developed by Scottsdale-based Cavan Companies. It spans three buildings at the prominent corner of 83rd Avenue and Happy Valley Road in Peoria, Arizona.
The property buyer is a franchisee of Hawaii-based Seven Brothers Burgers, who will locate a Seven Brothers restaurant concept on the hard corner of the center. Seven Brothers joins a cadre of existing high-end tenants at 83 Marketplace including Bourbon & Bones, The Stetson Social, F45 Training, Herbal Nail Bar, Salon Blissful and Heartland Dental.
Western Retail Advisors brokers Brian Gausden and Jake McClaughry represented the Cavan Companies in the sale. Scott Johnson of Omni Commercial represented the property buyer.
“This sale perfectly reflects today’s metro Phoenix retail market trends,” said McClaughry. “It is home to a roster of premiere national tenants who are vying for space in the Valley, and a location with superior demographics that continue to improve, thanks to our steady influx of new residents. The combination has proven highly successful for 83 Marketplace.”
Totaling 19,800 square feet, 83 Marketplace offers pedestrian-oriented retail and restaurant spaces with a contemporary design, abundant canopies and patio dining with views of the adjacent Sunrise Mountain Preserve.
The property benefits from more than 6,000 rooftops within a five-mile radius, with a projected area growth rate of up to 5.5% annually. It is seen by approximately 31,000 cars per day traveling along Happy Valley Road.
Western Retail Advisors is also marketing a Phase 2 parcel for the project. The 4.27-acre site sits immediately east of the three completed Phase 1 buildings. It has a listing price of $4.75 million and is shovel-ready with infrastructure, utilities and drive aisle complete. Building plans for a 11,519-square-foot Building 4 and a 10,195-square-foot Building 5 are approved through the City of Peoria.
