Kidder Mathews’ Darren Tappen, Nathan Thinnes, Pete Beauchamp, Trask Switzenberg, and Matthew Ault, in coordination with Trevor Koskovich of Northmarq and Brett Rinehart of Land Advisors, represented LNR Partners in selling Sun Village Fair in Chandler, Arizona. The buyer, Arizona Partners (AZP), acquired the property for $12,500,000.
Sun Village Fair presented buyers with a rare redevelopment opportunity in the heart of Chandler. The ±20.46-acre site sits at the northeast corner of Alma School and Warner Roads and consists of ±189,022 square feet of existing anchor and shop space as well as ±6 acres fronting the two major arterials slated for pad development. The redevelopment will be aided by existing retailers Walmart, First Bank, and Wendy’s, which are still operating within the development but were not included in the transaction.
“The value of the property was heightened by not only its location but also its rarity — as there are no other developable opportunities in the immediate area,” said Tappen. “The unique combination of existing pads and shops ripe for redevelopment resulted in strong interest from a wide range of buyers and capital sources.”
Located within Central Chandler, the asset is further bolstered by being situated in a dense submarket with strong demographics, high barriers to entry, and a growing demand for new development and additional retail services.
“Sun Village represented one of the last remaining large-scale redevelopment opportunities within Central Chandler,” said Switzenberg, a recognized expert in Arizona retail. “The project will result in the overdue revitalization of a blighted corner and generate tremendous economic activity for the city and surrounding community. It’s a win for all parties involved.”
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with over 900 real estate professionals and staff in 19 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, and debt & equity finance services for all property types. The firm performs $10 billion in transactions, manages 51 million square feet of space, and conducts 2,600 appraisal, consulting, and cost segregation assignments annually (3-year average). For more information, visit kidder.com.
About Northmarq
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes. For more information, visit northmarq.com.