DTZ, a global leader in commercial real estate services, announced the $13.7 million sale of Pioneer Shopping Center in Yuma, AZ, on behalf of the seller, Realty Resolution Advisors, LLC (RRA) of Phoenix. The buyer was Los Angeles-based Pioneer Shopping Center, LLC (dba Kornwasser Shopping Center Properties). Pioneer Shopping Center is located on the southwest corner of the Interstate 8 interchange at Fortuna Road, a highly visible location with monument signage visible from the interstate.
DTZ Executive Managing Directors Ryan Schubert and Michael Hackett and Senior Vice Presidents Dan Salley and Jack Wilson represented RRA in the investment sale. The buyer was represented by Sanford Burstyn with Marcus & Millichap.
“Pioneer Shopping Center is well positioned to allow an investor such as Kornwasser tremendous opportunity to add value,” said Mr. Hackett. “This is the city’s primary business corridor and home to the majority of Yuma’s seasonal resident population, which is estimated to increase by over 45,000 people during the winter months.”
Built in 1997, Pioneer Shopping Center is ±140,610 square feet on 23.6 acres and includes six pads with interstate frontage. The center’s tenant base includes 99 Cents Only, O’Reilly Auto Parts, Applebee’s, Subway, UPS Store and Dairy Queen. The center was 99% economic occupied (87% physical occupied) at the time of sale. The economic occupancy includes a ±29,600 square foot space leased until 2018, but not occupied by Fry’s (Kroger).