Vestis Group Brokers Central Phoenix Neighborhood Shopping Center Sale | CEM
By Isabel Menzel | Commercial Executive Magazine
Vestis Group, a commercial brokerage and investment firm, is pleased to announce the sale of Hinton Place Plaza, an 8,865 square-foot neighborhood shopping center, located at 2814 N 16th Street and 1539 E Edgemont Avenue, in Phoenix, Arizona for $375,000 or $42 per square-foot.
“The buyer is really looking forward to revitalizing this unique retail shopping center located in Midtown Phoenix, along the 16th Street Corridor, next to Barrio Cafe and the up-and-coming Coronado neighborhood,” says Matt Morrell, President of Retail Investments at Vestis Group and the lead broker for this transaction, “The redevelopment plan includes a full remodel of the existing neighborhood shopping center, while protecting the urban art murals and keeping the spirit of the original mid-century modern architecture. Vestis Group will facilitate all leasing for the new ownership on the retail investment property.”
The Phoenix based Vestis Group commercial brokerage team of Matt Morrell, Natan Jacobs and Chad Barber negotiated the off-market retail transaction on behalf of the buyer, MODE Retail of Phoenix in the sale. The seller, The Marda Phillips Living Trust Trust of Honolulu, Hawaii, did not utilize third party representation.
Hinton Place Plaza, aka Coronado 16, is a single-story, neighborhood shopping center located in Midtown Phoenix. Built in 1957, Coronado 16 is scheduled to be artfully restored by MODE, a Valley real estate developer specializing in revitalizing properties in the mature neighborhoods of Central Phoenix. Coronado 16 will soon combine mid-century modern charm and urban art with a great mix of local and national retailers and restaurants. Coronado 16 is located in Phoenix’s downtown-midtown-uptown urban core, near seven major hospitals including: Phoenix Children’s Hospital, Abrazo Arizona Heart Institute, Abrazo Arizona Heart Hospital, Banner – University Medical Center Phoenix, Barrow Neurological Institute, Carl T. Hayden VA Medical Center, Phoenix Indian Medical Center and St. Joseph’s Hospital and Medical Center. The property is situated in a commercial area adjacent to the Coronado Historic District, west of the SR-51 Piestewa Freeway, just south of the southwest corner of 16th Street and Thomas Road in Central Phoenix. – more at cem-az.com