Evergreen Devco acquires regional Phoenix-area retail center
JLL Capital Markets closed the sale of the Chandler retail center
PHOENIX, July 13, 2020 – JLL Capital Markets announced today that it has closed the sale of Chandler Pavilions, a 163,594-square-foot, high-traffic, value-add, regional retail center located in Chandler, Arizona.
JLL marketed the property on behalf of the seller, Invesco Real Estate, a global real estate investment manager. Evergreen Devco, Inc. purchased the asset in cash, free and clear of any debt.
Chandler Pavilions welcomes approximately three million visitors annually and is in the top 10 percent of busiest retail centers in Arizona. The property is 72 percent leased to a complementary mix of top-tier national and regional tenants and is shadow anchored by a grocery tenant. Situated on 17.97 acres at 800-890 N. 54th St., the center is adjacent to Interstate 10, exposing the property to more than 135,000 vehicles per day, and is located just off Ray Road, which has traffic counts of approximately 40,000 vehicles per day. Additionally, Chandler Pavilions’ location in a dense, affluent area puts it within 96,135 residents earning an average annual household income of nearly $110,000 living within a three-mile radius.
The JLL Retail Capital Markets team was led by Managing Directors Patrick Dempsey and Gleb Lvovich.
“Retail Investment sales are difficult in the era of COVID-19 due to tenant occupancy issues and rent deferral agreements,” Dempsey said. “But in this case, both the buyer and seller worked flawlessly together to complete this transaction.”
“Despite the headwinds in the retail space, we are seeing significant capital flows into the space and robust offer activity for the right asset at the proper risk adjusted returns, like Chandler Pavilions,” Lvovich added.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $75.9 billion in real estate assets under management, 568 employees and 21 regional offices across the U.S., Europe and Asia (as of March 31, 2020). Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; invesco.com.
About Evergreen Devco, Inc.
Founded in 1974, Evergreen specializes in retail and multifamily development, tenant roll outs, project and construction management, property management, asset management, sustainable building and solving financing issues for various retailers and franchises. Working throughout the nation, Evergreen has earned a reputation as an industry leader by delivering high-quality real estate developments and services reliably, efficiently and cost effectively. The company has over 50 employees with offices in Arizona, California, Colorado and Utah. Evergreen is currently engaged in the development of more than 60 retail and apartment projects and has completed more than 500 projects. evgre.com