CBRE Facilitates Sale of North Mountain Village in Phoenix

CBRE negotiated the sale of North Mountain Village, a 94,479 sq.-ft.-retail center in North Phoenix for an undisclosed price. North Mountain Village Retail LLC sold the property to Sperry Equities LLC.

Glenn Smigiel, Cam Stanton, Bob Young, Bill Bones and Rick Abraham of CBRE’s Phoenix office represented the seller in the transaction.

“North Mountain Village is a dominant retail center in a prime location of Phoenix,” said Mr. Smigiel, senior vice president at CBRE. “As a result, there has been consistent tenant stability in the center with 60% of the square footage occupied by the same tenants for a decade or more.”

At the time of sale, the property had an 86% occupancy by national and regional tenants, including Ross Dress for Less, Dollar Tree and Leslie’s Swimming Pool Supplies.

The shopping center sits on the southeast corner of West Thunderbird Road and North 35th Avenue. The complex is anchored by Fry’s Food Store, which has occupied the space since it was built in 1986. However, the grocery store was not included in the square footage sold.