3 Chandler retail centers sell in separate big deals - SanTan Sun News SanTan Sun News

3 Chandler retail centers sell in separate big deals

August 4th, 2022 SanTan Sun News
3 Chandler retail centers sell in separate big deals
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SanTan Sun News Staff

Three Chandler shopping centers – including The Falls at Ocotillo – changed owners this month in multimillion-dollar deals.

The Krausz Companies, a national real estate investment and management company in Las Vegas, shelled out $24 million for The Falls, 1025-1095 W. Queen Creek Road, according to Valley real estate tracker vizzda.com.

Built in phases between 2002 and 2006, the strip mall’s nearly 70,000 square feet of retail space sit on 9.17 acres. The sale price equaled $346 a square foot, vizzda said.

Meanwhile, another big retail-center deal occurred in the city’s northern section two weeks ago when the Chandler Pavilions was purchased by Schnitzer Properties of Portland, Oregon, for just under $30 million, according to vizzda..

Built between 1999 and 2002 at the intersection of 54th Street and Ray Road, the Chandler Pavilions’ five buildings totaling 160,673 square feet of retail space sit on 17.97 acres. The property that was sold represents about a third of a total 400,000 square feet of retail space on that site.

The center is fully leased and includes well-known brands such as REI, Bed Bath & Beyond and Sportsman’s Warehouse and is anchored by Sam’s Club and The Home Depot.

Schnitzer Properties is a 70-year-old real estate investment and development company that recently changed its named from Harsch Properties

The sale price was nearly three times the $10.5 million that seller Evergreen Properties paid when it bought the five buildings two years ago, vizzda says.

In marketing the buildings, Evergreen said the Pavilions averages more than 62,000 visits a week and draws an estimated 800,000 unique visitors annually.

It said about 58% of those visitors spend an average minimum of 30 minutes shopping. “Over 70% of visitors are loyal, averaging more than four visits a year,” a marketing brochure also said.

The third strip mall to change owners was the 68,253-square-foot Artesian Marketplace on the souhtwest corner of Gilbert and Ocotillo roads that cardiologist Dr. Vinod Gupta of Westlake Village, California, bought from DeRito Partners for $32.5 milliion, vizzda reported last Wednesday.

The deal involved five buildings constructed in 2016 on 11.5 acres and includes tenants like Goodwill and Burger King. The Fry’s Marketplace building that anchors the strip mall was not part of the deal, vizzda said.

The Artesian sale broke down to $476 per square foot, it added.

Two downtown Chandler buildings that sold for $6.1 million earlier this month will give way to a mini-mall.

Beeline Shops LLC, a subsidiary of Scottsdale-based Southwest Retail, bought the buildings at 315 and 325 S. Arizona Ave. at Frye Road, according to Valley real estate tracker vizzda.com.

One of the buildings already has been razed and the other is gutted.

Once construction is completed, a building totaling 6,400 square feet on less than an acre of land will have room for two more retail establishments in addition to two prospective tenants the owners already have secured.

Black Rock Coffee Bar and El Taco Santo already will be located in the new structure, according to vizzda.

A brochure is touting the property’s location to 15,000 daytime workers.