Cushman & Wakefield Negotiates Sale of The Plant to Dallas Investor
PHOENIX, Dec. 18, 2017 – Cushman & Wakefield, on behalf of Phoenix-based Common Bond Development Group, completed the sale of The Plant; a Sprouts Farmers Market anchored neighborhood shopping center. Located on the southeast corner of Gilbert and Ocotillo Roads in Chandler, Ariz., the property was purchased by Dallas-based Sarofim Realty Advisors for $25.75 million.
Executive Managing Directors Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller.
Anchored by Sprouts Farmers Market, The Plant is a newly developed 56,831-square-foot neighborhood shopping center spanning 7.59 acres and is currently 100% leased to a complimentary collection of national, regional and local tenants. Approximately 81% of the Plant is leased to top-tier national tenants, including Dairy Queen, Café Rio and Starbucks.
“Common Bond spared no expense to create an irreplaceable neighborhood destination in the heart of Chandler and it was extremely attractive to a broad spectrum of investors,” said Ryan Schubert.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.