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Blackstone, DDR JV sells Ariz. retail property for $51M

A joint venture between Blackstone Group LP and DDR Corp. sold the SanTan Village Marketplace in Gilbert, Ariz., to an entity of CP Retail Inc. for $51.4 million, the Phoenix Business Journal reported.

The regional power center spans 285,581 square feet and has a less than 3% vacancy rate, according to the report, with tenants that include Bed Bath & Beyond, Marshalls, DSW and Old Navy.

Michael Hackett and Ryan Schubert of Cushman & Wakefield Phoenix represented the seller in the transaction, the publication noted.