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Shopping Community

Paradise Square Shopping Center

3923 E Thunderbird Rd, Phoenix, AZ 85032

Listing Price: $19,950,000

Cap Rate
6.90%
Rentable SF
98,637
Lot Size
7.12 acres
Year Built
1987

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire Paradise Square, a multi tenant retail shopping center in Paradise Valley, Phoenix, Arizona. The asset is currently 93% leased to established national and regional tenants. Major tenants include Goodwill, Fitness 1440 Health Club, and Panda Express. A 15,000 square foot CVS Pharmacy (not a part of the offering) is located adjacent to the property. Strategically located in an affluent retail trade area, at the southwest corner of 40th Street and Thunderbird Road, the 98,673 square foot offering comprises two multi-tenant retail buildings of 45,654 square feet and 51,946 square feet, respectively. Constructed in 1987, the shopping center features appealing architecture and design elements as well as low maintenance landscaping. The storefronts face northward and eastward (away from the afternoon and setting sun) and offer upfront and ample field parking with parking in the back of the buildings for tenants' staff and deliveries. The center is situated on one parcel with a total land area of approximately 310, 337 square feet (7.12 acres). Paradise Square benefits from its hard corner exposure along major arterial thoroughfares, with multiple ingress/egress and frontage along both 40th Street and Thunderbird Road, with visibility to traffic counts of over 46 000 vehicles per day from the intersection Convenient highway access to the entire Phoenix MSA is provided by the 51 Freeway and Loop 101 Freeway, located a half mile to the west and about five miles to the north, respectively. The site is immediately surrounded by supportive demographics, where average household incomes are over $87, 000 with a population of 256,000 in the five mile trade area. The Paradise Valley area is very affluent, and several upscale multifamily communities are within walking distance of the property. Walk Score rates the area a 74, 'Very Walkable'. Cross shopping dynamics include the single tenant 88,964 Square foot Fry's Grocery and Drugstore, including a Fuel Center, located directly across the street to the east.

Investment Highlights

  • Located in the 'Most Expensive' Zip Code in Arizona.
  • Single Tenant Fry's Grocery Across the Street Has No Competing In Line Space.
  • Supportive Traffic Counts, Exposure, Signage, Access and Ample Parking.
  • Storefronts Face Away from the Sun.
  • Verizon, T-Mobile and AT&T Cell Tower Leases.

Exclusively Listed By

Financing By

Shopping Community

Paradise Square Shopping Center

Listing Price: $19,950,000

Cap Rate
6.90%
Rentable SF
98,637
Lot Size
7.12 acres
Year Built
1987

Investment Highlights

  • Located in the 'Most Expensive' Zip Code in Arizona.
  • Single Tenant Fry's Grocery Across the Street Has No Competing In Line Space.
  • Supportive Traffic Counts, Exposure, Signage, Access and Ample Parking.
  • Storefronts Face Away from the Sun.
  • Verizon, T-Mobile and AT&T Cell Tower Leases.

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire Paradise Square, a multi tenant retail shopping center in Paradise Valley, Phoenix, Arizona. The asset is currently 93% leased to established national and regional tenants. Major tenants include Goodwill, Fitness 1440 Health Club, and Panda Express. A 15,000 square foot CVS Pharmacy (not a part of the offering) is located adjacent to the property. Strategically located in an affluent retail trade area, at the southwest corner of 40th Street and Thunderbird Road, the 98,673 square foot offering comprises two multi-tenant retail buildings of 45,654 square feet and 51,946 square feet, respectively. Constructed in 1987, the shopping center features appealing architecture and design elements as well as low maintenance landscaping. The storefronts face northward and eastward (away from the afternoon and setting sun) and offer upfront and ample field parking with parking in the back of the buildings for tenants' staff and deliveries. The center is situated on one parcel with a total land area of approximately 310, 337 square feet (7.12 acres). Paradise Square benefits from its hard corner exposure along major arterial thoroughfares, with multiple ingress/egress and frontage along both 40th Street and Thunderbird Road, with visibility to traffic counts of over 46 000 vehicles per day from the intersection Convenient highway access to the entire Phoenix MSA is provided by the 51 Freeway and Loop 101 Freeway, located a half mile to the west and about five miles to the north, respectively. The site is immediately surrounded by supportive demographics, where average household incomes are over $87, 000 with a population of 256,000 in the five mile trade area. The Paradise Valley area is very affluent, and several upscale multifamily communities are within walking distance of the property. Walk Score rates the area a 74, 'Very Walkable'. Cross shopping dynamics include the single tenant 88,964 Square foot Fry's Grocery and Drugstore, including a Fuel Center, located directly across the street to the east.

Exclusively Listed By

Financing By

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