Peoria's 83 Marketplace Sells for $11.1 Million

Western Retail Advisors, a Phoenix-based retail brokerage specialist, has sealed the deal on the $11.1 million acquisition of 83 Marketplace. Developed by Scottsdale's Cavan Companies, this newly minted Class A retail hub sprawls across three structures at the bustling intersection of 83rd Avenue and Happy Valley Road in Peoria, Arizona.

Photo byThe Business Journals

The purchaser, a franchisee of Hawaii's Seven Brothers Burgers, intends to anchor the center with their renowned restaurant concept. Seven Brothers will add its flavor to the mix, joining an illustrious lineup of tenants at 83 Marketplace, including Bourbon & Bones, The Stetson Social, F45 Training, Herbal Nail Bar, Salon Blissful, and Heartland Dental.

Brokering the sale were Western Retail Advisors' Brian Gausden and Jake McClaughry, representing Cavan Companies, while Scott Johnson of Omni Commercial acted on behalf of the buyer.

"This transaction epitomizes the prevailing trends in Phoenix's retail landscape," remarked McClaughry. "83 Marketplace boasts a roster of esteemed national tenants, eager to secure a foothold in the Valley, all situated within an area boasting increasingly favorable demographics. This winning formula has proven instrumental in the success of 83 Marketplace."

Photo byDaily Independent

Spanning 19,800 square feet, 83 Marketplace presents a pedestrian-friendly array of retail and dining options, boasting contemporary architecture, ample canopies, and alfresco dining areas overlooking the nearby Sunrise Mountain Preserve.

With over 6,000 households within a five-mile radius and an anticipated annual area growth rate of up to 5.5%, the property enjoys prime positioning, garnering visibility from approximately 31,000 vehicles daily traversing Happy Valley Road.

Western Retail Advisors has additionally listed a Phase 2 parcel for the development. Situated adjacent to the three existing Phase 1 structures, this 4.27-acre site is primed for expansion, boasting a price tag of $4.75 million. Equipped with infrastructure, utilities, and completed drive aisles, the parcel awaits the construction of approved plans for Building 4, spanning 11,519 square feet, and Building 5, spanning 10,195 square feet, as sanctioned by the City of Peoria.

For further details, interested parties are encouraged to reach out to Gausden or McClaughry at (602) 778-3747.

Photo byRyan Meeks

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