A major Queen Creek retail center has changed hands in a deal valued at nearly $70 million, signaling continued investor confidence in the region’s explosive residential growth.
Vineyard Towne Center, a roughly 230,000-square-foot shopping center at the northwest corner of Gantzel and Combs roads, was sold for $69.6 million to entities affiliated with Fidelity Investments, commercial real estate tracker vizzda.com reported last week.
The transaction transfers ownership from Vestar, a Phoenix-based commercial real estate firm that developed the project, to FCREF Vineyard Towne I and II LLC, Delaware entities that are tied to the Boston-based investment giant…