Tempe Shopping Center Near Light Rail Sells for $3M

papago

Article originally posted on Phoenix Business Journal on February 27, 2017

A Tempe shopping center has sold for more than $3 million.

Papago Hills, an 11,646-square-foot center on the northeast corner of Priest Drive and Washington Street, was purchased by MMH Priest and Washington LLC, for $3.03 million, or about $260 per square foot.

The site was 93 percent occupied at close of escrow by tenants including Starbucks, Port of Subs and Filibertos, among others.

SMJ Investment Properties, LLC was the seller, represented by Derek Buescher, vice president at Orion Investment Real Estate.

“Papago Hills is a prestigious retail center with a terrific mixture of national and local tenants. With The Grand development being constructed across the street, and the numerous office properties in the area, Papago Hills retail center should have no problem thriving for years to come,” he said.