Plaza 32, a 173,303-square-foot retail center on the southeast corner of 32nd Street and Bell Road in Phoenix, sold for $31.3 million or about $180 a square foot. The Phoenix Business Journal reports the sale marks one of the largest retail, commercial real estate transactions in the market for 2023 so far.

Esporta Fitness anchors the eight-building center and includes a mix of national and local tenants, including Starbucks, Domino’s, Dollar Tree, Jimmy John’s, Harbor Freight and Banner Urgent Care. At the time of the transaction, the property was 81% leased.

Plaza 32 was sold by Plaza de Campana LLC and was acquired by Marni Retail Properties LLC, a 1031 exchange buyer, in an all-cash deal.

Steven Underwood and Chad Tiedeman at Phoenix Commercial Advisors represented the seller in the transaction. Kim Soule with Colliers represented the buyer. Phoenix-based Vestar managed the property.