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4820 E Ray Road - Foothills Park Place, Phoenix, AZ

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4820 E Ray Road - Foothills Park Place

Phoenix, AZ 85044-6402 - Ahwatukee Foothills Ret Submarket

(3.7 MB)

Property Type:Retail Sub Type:Department Store Status:Existing Year Built:1990
Building Size:63,697 SF Land Area:6.27 AC (273,056 SF)
For Sale Price:$10,000,000 Price/SF:$156.99
Cap Rate:10.36 %
Parking:341 Surface spaces are available; Ratio of 5.41/1,000 SF
Features:Pylon Sign, Signage, Signalized Intersection
14,889 SF is available to occupy upon purchase.

Sale Notes:
CBRE has exclusively listed for sale and is pleased to present a great opportunity to acquire a Class A vacant Sports Authority in a top retail destination in Phoenix. The Sports Authority is located in the Foothills Park Place shopping center at 4820 East Ray Road in Phoenix, Arizona, which is at the NEC of 48th Street and Ray Road. The property sits just West of the I-10 freeway in Ahwatukee.

This Sports Authority represents a very rare offering and an opportunity to purchase a vacant value add retail investment property. The site totals ±63,697 rentable square feet and sits on approximately 6.27 acres. The former Sports Authority space is approximately 48,808 rentable square feet and an additional ±14,889 RSF was demised for Fresh & Easy. There is an immediate opportunity to lease this vacant property to any of the top grocers and retail tenants in the marketplace to one or multiple tenants. The Foothills Park Place shopping center and this property benefit from an oversupply of parking. This is an incredibly high profile site and is a very difficult trade area for national tenants to penetrate, since there is little to no vacancy.
The Property is located in a densely populated area of Phoenix and benefits from the heavy traffic on the I-10 freeway and Ray Road with a total count of 144,308 vehicles per day; 106,779 on the I-10 freeway and 37,529 on Ray Road (SOURCE: 2014 AZDOT report). The property demographics show: approximately 84,682 residents in a three mile radius and 189,917 residents in a five mile radius. The average household income in a three mile radius of the property is $94,873.

The Sports Authority is located within the community of Ahwatukee, one of 15 designated urban villages within the city of Phoenix. This area boasts one of the top rated school systems, four lush golf courses, numerous shopping districts, an abundance of fine restaurants and parks including South Mountain Park, one of the largest urban parks in North America. Money magazine has named Ahwatukee as one of the best places to live in America.

The Property has immediate freeway access from the I-10 Freeway. This location is minutes from multiple four star resorts such as Phoenix Marriott Tempe at the Buttes, Arizona Grand Resort & Spa and Sheraton Wild Horse Pass Resort & Spa.

Joseph Compagno
(602) 735-1733

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