Phoenix-area retail center sells for $28.975M

PHOENIX, July 19, 2022 – JLL Capital Markets announced today it has closed the $28.975 million sale of Chandler Pavilions, a fully leased 163,286-square-foot, high-traffic regional retail center in the Phoenix-area community of Chandler, Arizona.

JLL marketed the property on behalf of the seller, Evergreen Devco, Inc., which acquired the center in 2020 in a JLL-brokered sale. Schnitzer Properties acquired the asset.

Chandler Pavilions is fully leased to a slate of investment-grade retailers, including Sportsman’s Warehouse, Golf Galaxy and Chipotle. One of the busiest retail centers in Arizona, the center is also home to Cost Plus World Market, REI, Mountain Mikes and Jimmy John’s.

Positioned on nearly 18 acres at 800-890 N. 54th St., the center’s highly visible location is adjacent to Interstate 10, which exposes the property to more than 156,600 vehicles per day, and just off Ray Road, which sees 42,200 vehicles per day. Additionally, Chandler Pavilion is in a dense, infill and affluent area with 161,654 residents earning an average annual household income of nearly $108,087 within a 10-minute drive.

The JLL Retail Capital Markets team representing the seller was led by Managing Directors Patrick Dempsey and Gleb Lvovich and Associate Patrick Anthon.

“Chandler Pavilions is an excellent example of a successful shopping center in an irreplaceable location,” Dempsey said. “REI, Sportsman’s Warehouse, Golf Galaxy and the quick serve restaurants define this Class A retail property. JLL is pleased to have facilitated this successful transaction for the buyer and seller.”

“The sale of Chandler Pavilions represents our team’s collaborative approach in sourcing unique capital for retail opportunities in the Western U.S.,” Lvovich added. “We are excited to help the buyer make their first retail acquisition in Arizona, complementing their growing flex industrial and development assets in the area.” 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Founded in 1974, Evergreen specializes in retail and multifamily development, tenant roll outs, project and construction management, property management, asset management, sustainable building and solving financing issues for various retailers and franchises. Working throughout the nation, Evergreen has earned a reputation as an industry leader by delivering high-quality real estate developments and services reliably, efficiently and cost effectively. The company has over 50 employees with offices in Arizona, California, Colorado and Utah. Evergreen is currently engaged in the development of more than 60 retail and apartment projects and has completed more than 500 projects. evgre.com  

Schnitzer Properties is a regional, professionally run, family-owned company that has been doing business since 1950. Today, Schnitzer Properties is a dynamic, expanding real estate company with a portfolio that includes a wealth of office, multi-tenant industrial, multi-family and retail commercial properties. Schnitzer Properties owns and operates over 28 million square feet of real estate, comprising more than 175 properties in six western states. They care deeply about every one of their tenants and pride themselves on providing spaces that make tenants more productive in their business.