CBRE completed the sale of Union Crossing and the 8th Avenue Shops, two grocery-anchored centers located in Metro Phoenix.
Mindy Korth and Barry Gabel of CBRE’s Phoenix office completed the transactions on behalf of the seller. The buyer of Union Crossing was Eleven Investments LLC of Fargo, N.D, which was represented by Matt Olsen of Property Resources Group.
A private buyer from California acquired the 8th Avenue Shops. They were represented by Mary Ridberg and Rommie Mojahed of Sperry Van Ness. The individual sales price of each asset and the seller were not disclosed.
”Grocers remain a stable source of income and foot traffic throughout all types of market conditions,” Korth said. “Both of these grocery-anchored centers offered stability from key anchor tenancy, along with vacancy that provides excellent upside as the market continues to recover. Overall, retail investment sales in 2012 were considerably higher than recent years.”
The assets are located on opposite sides of Metro Phoenix. Union Crossing, anchored by Asiana Market, is a 76,835 SF retail center at 4330-4410 W. Union Hills Dr. in Phoenix. Built in 1987, the center was 72% occupied at the time of sale.
The 8th Avenue Shops is a 93,444 SF neighborhood center at 808-856 S. Alma School Rd. in Mesa. The property is anchored by Food City, a subsidiary of Basha’s supermarkets. Other tenants include Family Dollar, Chuck E. Cheese’s and Sunrise Preschool. The 8th Avenue Shops was also built in 1987 and was 79% leased at the time of sale.