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Phoenix & Southwest  + Southwest  + Retail  | 
Northern Crossing

Neighborhood Retail Stays at the Top of the Investor Heap

As neighborhood centers continue to dominate the completed transaction column, six retail centers across Arizona and New Mexico recently sold to a wide range of buyers. The $43 million in sales encompass a combined total of 148,268 square feet.

Newmark’s Steve Julius, Jesse Goldsmith and Chase Dorsett facilitated the transactions.

“Each of these transactions represented various sellers and buyers and for many different reasons,” says Julius. “The momentum of the market for neighborhood retail centers is significant, and investors recognize the value in shopping centers that offer neighborhood services. Compared to multifamily and industrial properties, the yields are slightly higher in retail plazas.”

The Newmark team has 10 additional centers set to close escrow in the next two months, plus six new listings coming to market soon. 

“In the first six months of 2021, we have seen a 40 percent increase in sales transactions and 63 percent in sales volume compared to the same period last year,” Goldsmith says. “Capital rate returns in 2021 year-to-date are averaging 7.18 percent, which is on-par to the years before the pandemic.”


Inside The Story

Steve Julius

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

  • ◦Sale/Acquisition