AVONDALE, ARIZ. — Reddy Development has purchased the Coldwater Springs Promenade in Avondale for $7.75 million. The promenade includes two existing retail stores, which are occupied by Fresh & Easy Neighborhood Market and Staples, as well as a Jack in the Box restaurant and 13,300 square feet of shop space. There are also five graded, ready-to-build retail pads situated on 10.9 acres. Reddy plans to complete the retail project. Bruce Francis and Dana Summer of CBRE Capital Markets in Phoenix represented Reddy. Mindy Korth, Barry Gabel and Cam Stanton in CBRE’s Phoenix office, along with Philip Voorhees, Patrick Toomey and Megan Read of the firm’s National Retail Investment Group, represented the seller, Labrusca Holdings Corp., which purchased the promenade through foreclosure from the developer.
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