The NAI Horizon investment sales team of Senior Vice Presidents Lane Neville and Barbara Lloyd represented the seller in the $2.7 million sale of the Shops at Kohl’s, a retail property located at 4645 E. Chandler Blvd., in Phoenix.
The seller, DROF I-1, LLC of Phoenix, was represented by NAI Horizon.
The retail property totals 11,400 square feet and is 100 percent occupied. The retail center was built in 2003 and is zoned C-2 in the City of Phoenix. The infill retail location is anchored by Kohl’s.
“Our seller built value in this asset by committing capital investment and pursuit of a quality new leasing campaign,” Neville said. “The repositioning of this asset over the past few years, through full occupancy, was memorialized this week with the sale to a good buyer at market price.
“This asset sale was a nationally-based, competitive process where multiple potential buyers were ultimately eliminated by the eventual buyer,” Neville said. “Being part of the disposition of a quality asset, it is nice to see your client’s hard work pay off with a successful sale.”
The property is one half mile west of Interstate-10, west of the SWC of Chandler Boulevard and 48th Street. Tenants include State Farm, Sports Clips, Payless Shoes, Thai Delight, Bamboo Nails, and Arizona School of Rock.
The buyer, Koloa Ventures II, LLC of Honolulu, Hawaii, was represented by CBRE.