Cassidy Turley announced that Los Angeles-based Primestor Development acquired Palm Glen Shopping Center, 3500-3636 W. Glendale Ave., for $14.35M ($81.67 PSF). The seller was Phoenix-based Palm Glen Investors, LLC. Executive Managing Directors Ryan Schubert and Michael Hackett with Cassidy Turley’s Retail Capital Markets Group represented the seller, while Alexis Suarez with Arizona Partners represented the buyer.
“Primestor recognizes great value in the underlying real estate of the Palm Glen Shopping Center,” Mr. Hackett said. “In-fill grocery anchored centers with upside potential are hard to come by in the Phoenix market.”
Built in 1961 and renovated in 1990, Palm Glen Shopping Center is a ±175,686 square foot community center situated on 16.12 acres and configured for multi-tenant retail use. The project is anchored by a Food City grocery store and other national tenants including Wells Fargo, Dollar Tree, Aaron Rents, Little Caesar’s Pizza and Title Max. The property has excellent visibility along both Glendale Avenue and 35th Avenue in Phoenix. Palm Glen Shopping Center was 86.2% occupied at the time of sale.