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Chandler shopping center sells for $13.6 million

Thursday, 01 August 2013 22:17

By: Tim Gallen | Phoenix Business Journal | Date: Wednesday, Jul 31, 2013, 3:10pm MST

A neighborhood shopping center in Chandler sold this week for $13.6 million to a Phoenix group.

Phoenix-based Ocotillo Plaza De Rito-P Retail LLC purchased the 123,000-square-foot center, Ocotillo Plaza, at 2840 S. Alma School Road in Chandler from Roseville, Calif.-based Ocotillo Plaza Investors.

At the time of sale, Ocotillo Plaza was only 29 percent leased.

“De Rito was looking for a large, value-add asset in the Chandler area, and they have it in Ocotillo Plaza,” said Cam Stanton with CBRE, who brokered the deal. “It is in an excellent location with proximity to the Price Road Business Center immediately west, which is one of the strongest employment hubs in the metro area.”

Built in 1986, Ocotillo Plaza shares the intersection of Alma School and Queen Creek roads with an Albertsons-anchored center on the southeast corner and a Sprouts-anchored center on the northeast corner.

“This is a great project in a great location,” said Iver Bowden, COO of De Rito Partners. “Other retail centers at this intersection are fully leased, so we are excited about Ocotillo Plaza’s potential.”

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