Invesco Real Estate sells regional Phoenix-area retail center

Invesco Real Estate has sold Chandler Pavilions, a 163,594-square-foot, high-traffic, value-add, regional retail center located in Chandler, Ariz.

Evergreen Devco purchased the asset in cash, free and clear of any debt.

The financial terms were not disclosed.

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