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Newmark announces the firm has arranged the sale of Arcadia Court, a fully-leased infill shopping center with a drive-thru pad, located at 2303 N 44th St in the sought-after Arcadia neighborhood of Phoenix, Arizona. The asset sold for $9.65 million.

Newmark Senior Managing Directors Steve Julius and Jesse Goldsmith and Director Chase Dorsett represented the buyer and seller in the transaction. The buyer is Armstrong Capital Development (“ACD”), a Denver-based private development company that specializes in acquiring, developing, and managing commercial real estate investments in the Intermountain West. The company, founded in 2005, is actively seeking self-storage, neighborhood retail, and small bay industrial opportunities in Utah, Colorado, Arizona, and Dallas/Fort Worth. The seller was 44 Arcadia, LLC, managed by Arileus Capital.