Listed by Phoenix Commercial Advisors
$14,692,000
STNL FIREBIRDS AT UNION STREET
Details
Property Type Retail
Sub Type Shopping Center
Square Footage 16,501
Cap Rate 1.7%
NOI $250,000
Occupancy 100%
Tenancy Multi
Brand/Tenant CAVA, Shake Shack
Lease Type Absolute NNN
Remaining Term 15
Rent Bumps Yes
Price per SqFt $890
Year Built 2026
Acreage 1.510
Investment Type Stabilized
Ground Lease Yes
Retail | 5.25% CAP | 6,064 SqFt
Marketing description
Union Street at Norterra | 5.60% Blended Cap | 16,501 SF | STNL Firebirds Ground Lease & Multi-Tenant Shops Available Together or Individually
Union Street at Norterra is location along Happy Valley Road; situated on the north side; just east of Norterra Parkway.
Investment highlights
- Brand-new construction with long-term leases to tenants with an established presence in the market, including CAVA, Shake Shack, First Watch, Tropical Smoothie Cafe, and Firebirds Wood Fired Grill
- Strong scheduled rental escalations throughout the initial lease terms and option periods
- Retail component of new mixed-use lifestyle development Union Street at Norterra
- 100% occupied retail with five complementary tenants, eliminating lease-up risk and providing stable income from day one
- Phase II of Union Street development includes future multi-family and a future grocer, drawing consistent traffic to the shops
- Conveniently located off Interstate 17 with over 145,000 vehicles per day
- Immediately adjacent to new dual-branded AC hotel by Marriott and Element by Westin (four stories with +/-277 short-stay and long-stay rooms), providing consistent customer flow to current tenant base
- Strategically located in a mature, high-performing shopping and dining corridor anchored by a key regional retailers and restaurants
- Norterra is one of Phoenix's fastest-growing areas, driven by major commercial developments, including the new $165B+ TSMC Semiconductor Plant, the largest foreign direct investment in U.S. history and an employment generator bringing +/-6,000 direct manufacturing jobs and another +/-20,000 total unique construction jobs, and tens of thousands of indirect jobs in this decade
- Affluent demographic profile with over 156,000 people within 5 miles and an average HH income exceeding $144,000 within 3 miles, representing substantial purchasing power and consumer spending capacity
Listing Contacts
Listed by Phoenix Commercial Advisors
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$250,000.00
$20,833.33/mo
Valuation Metrics
0
DSCR
1.7%
Cap Rate
1.7%
ROI
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