Restaurant franchisee buys Peoria retail center 83 Marketplace for $11.1 million

PHOENIX– A local franchisee for Hawaii-based restaurant chain Seven Brothers Burgers bought a new Peoria retail center for $11.1 million, the real estate firm that brokered the deal announced Wednesday.

The retail center called 83 Marketplace at 83rd Avenue and Happy Valley Road was developed by Scottsdale-based Cavan Companies. The sale was completed through Western Retail Advisors, a commercial real estate brokerage firm.

What will be at 83 Marketplace?

In addition to a Seven Brothers restaurant, the tenants lined up for 83 Marketplace include Bourbon & Bones, The Stetson Social, F45 Training, Herbal Nail Bar, Salon Blissful and Heartland Dental.

The fully leased Peoria retail center totals 19,800 square feet and will offer retail and restaurant space, canopies and patio dining with views of the adjacent Sunrise Mountain Preserve.

How was the sale of Peoria retail center completed?

Western Retail Advisors brokers Brian Gausden and Jake McClaughry represented the seller in the transaction, and Scott Johnson of Omni Commercial represented the property buyer.

“This sale perfectly reflects today’s metro Phoenix retail market trends,” McClaughry said in a press release. “It is home to a roster of premiere national tenants who are vying for space in the Valley, and a location with superior demographics that continue to improve, thanks to our steady influx of new residents.”

Western Retail Advisors also is marketing a Phase 2 land parcel, zoned for the development of 21,400 square feet in two buildings. The buildings, approved by the city of Peoria, have a listing price of $4.75 million.