SHOPS AT DYNAMITE CREEK
NWC Tatum & Dynamite
Cave Creek, AZ
|Price per SF||$200.70 SF|
|Cap Rate||6.35% Actual/8.43% Proforma|
The subject property is a high quality shopping center that was built in 1999. The center is value priced for a center of this quality and affluent neighborhood. The architecture and landscaping of this center are very nice. The buildings are configured in a curving “L” shape that wrap the corner and there is one freestanding pad building leased to Honor Health included. There is a Shell gas station and convenience store on the hard corner and a Chase Bank pad that are not included with this offering.
Ace Hardware just extended their lease for 10 years. Average tenancy is 8.4 years. 37% (SF) of the tenants have been in the center for 10 years or more. 46% of the tenants have been in the center for 5 years or more. Only 5% of the tenants have been there for less than a year. 54% of the leases (SF) do not expire for at least 5 years and 33% have 9 or 10 years left.
All vacant suites are second generation and are in good condition to minimize tenant improvement costs. A prime end-cap space facing Tatum that was previously a restaurant is one of the vacant suites and is getting leasing interest. Sample photos of the vacant suites can be seen on the photo tour webpage.
Two centers very close by at Tatum & Cave Creek sold recently. The full one sold at a 6.6 cap and $321/SF. The one that was 59% leased sold for $216/SF. A vacant two-tenant building just to the north at Lone Mountain sold recently for $351/sf.
The parking ratio is 5.03 per 1,000. This generous amount of parking creates leasing flexibility for parking intensive tenants.
Please watch the drone video for a tour of this quality property.
The center is located just west of I-17 and a mile north of Metrocenter- that is going through a rebirth starting with a new Walmart store. The 101 Freeway is five miles to the north. The center is easily accessible from all directions via these two freeways. A busy, big, new QuikTrip gas station is across the street from the center. Please refer to the aerial photos in the flyer to see what major retailers are located close by.