PHOENIX – CBRE has announced the $2.85 million sale of South Mountain Plaza, a multi-tenant, 14,000-square-foot retail property in Phoenix.
Andrew Fosberg and Dylan Brown of CBRE in Phoenix represented the seller, G&G LLC, in the transaction. The buyer was Mark Eneix, a private investor.
Located at 1635 E. Baseline Road, South Mountain Plaza is located next to a CVS Pharmacy on the southeast corner of Baseline Road and 16th Street. The intersection benefits from over 48,500 cars per day (ADOT, 2019) and is situated in a densely populated residential area with over 189,000 residents and approximately 61,670 households located within a five-mile radius, according to Esri.
The freestanding retail center is 100 percent leased to nine tenants, including Escalade Cleaners, Domino’s Pizza, Harold’s Chicken, Metro PCS (Cell Nation) and Van’s Nails.
“South Mountain Plaza is a great example of a quality, internet-resistant strip retail shopping center in the heart of Phoenix. The property drove significant investor interest, even throughout the pandemic, and our team generated multiple offers during the marketing process, “ said Mr. Fosberg.
South Mountain Plaza is situated within four miles of Interstate 10, Interstate 17, U.S. 60, State Route 51 and State Route 143.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
