Phoenix, Ariz. – Phoenix Commercial Advisors facilitated the sale of Union Street at Norterra, a newly constructed multi-tenant retail center. The property, located on the northeast corner of Norterra Parkway and Happy Valley Road in Phoenix, Ariz., sold for $843 per square foot.

The two buildings, totaling 16,501 square feet and built in 2026, were 100 percent leased at the time of sale to a lineup of nationally recognized restaurant brands, including Shake Shack, First Watch, CAVA, Tropical Smoothie Cafe and Firebirds Wood Fired Grill. Positioned just off Interstate 17, the center forms the retail component of Phase I of the Union Street at Norterra mixed-use development and sits adjacent to a new, dual-branded AC Hotel by Marriott and Element by Westin. Danny Gardiner and Chad Tiedeman at Phoenix Commercial Advisors represented the seller in the transaction.

Union Street at Norterra is the retail centerpiece of a larger mixed-use lifestyle development. A second phase now underway includes Norterra Apartments at Union Park, with approximately 308 units, and a future grocery anchor, positioning the shops for sustained traffic and long-term growth.

“Norterra and the I-17 corridor is one of the fastest-growing markets in metro Phoenix, and investor appetite for brand-new, well-leased retail in the path of growth remains exceptionally strong. Union Street at Norterra checked every box today’s investors are looking for: brand-new construction, a 100 percent leased lineup of nationally recognized restaurant brands, and a location near the new TSMC campus, a dual-branded Marriott and Westin hotel and hundreds of new residences. We were proud to represent ownership and deliver a strong result on one of the Valley’s premier new retail offerings,” said Danny Gardiner of Phoenix Commercial Advisors.

– Read more from original AZ Big Media article posted here.