October 28, 2013 – Cassidy Turley, a leading commercial real estate provider in the U.S., announced today they successfully sold The Shops at Prescott Gateway, a ±34,671-square-foot shopping center adjacent to Prescott Gateway Mall, on the southwest corner of Highway 69 and Lee Boulevard in Prescott, Arizona. Cole Real Estate Investments, Inc. (NYSE: COLE) purchased the property for $12,770,000 from RED(Phoenix). Cassidy Turley’s Ryan Schubert and Michael Hackett represented RED Development during the sale transaction.
According to Schubert, “The Shops at Prescott Gateway received tremendous interest from the market as Red Development built another irreplaceable, destination asset. Despite its perceived secondary market location, the property received over a dozen offers.”
Built in 2012, The Shops at Prescott Gateway is a five building retail center anchored by Trader Joe’s with a national andtenant base, including Five Guys, Great Clips and Mattress Firm. The center was 93 percent occupied at the time of sale.