Union Street At Norterra Retail Center Sold For $843 Per Square Foot In Phoenix
2222 West Happy Valley Road
Building Size
16,501 SF
Asset Type
Retail
Closing
Aug 24, 2026
About this deal
AI
The property involved in this transaction is a retail center known as Union Street at Norterra, located at 2222 West Happy Valley Road in Phoenix, AZ. This newly built asset spans 16,501 square feet and was sold at a price of $843 per square foot. The center is fully leased, housing national tenants such as Shake Shack, First Watch, CAVA, Tropical Smoothie Cafe, and Firebirds Wood Fired Grill.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $13,907,843
- Square Footage: 16,501 SF
- Address: 2222 West Happy Valley Road
- Market: Phoenix, AZ
- Broker Representatives: Danny Gardiner & Chad Tiedeman - Phoenix Commercial Advisors
Danny Gardiner and Chad Tiedeman from Phoenix Commercial Advisors represented the seller in this transaction, facilitating the sale of the property that features a mix of well-known national tenants.
Players
Lake Oswego Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93