Tag Archives: Ryan Schubert

Southern Plaza, WEB

California investor buys retail plaza for $11.9M

Cassidy Turley announced that Amargosa Palmdale Investments, LLC of Beverly Hills, Calif., purchased Southern Plaza, a ±75,233 square foot neighborhood shopping center located at 6036 S. 7th Avenue for $11.9 million.

 

Executive Managing Directors Ryan Schubert and Michael Hackett with Cassidy Turley’s Retail Capital Markets Group represented the seller, Park West Development of Scottsdale, Ariz.

 

“Southern Plaza offered the buyer the opportunity to own a stabilized, high-volume grocery center with the potential to add value through ground leases or development of additional outparcels,” Schubert said. “The Food City performs very well and currently accounts for over 73% of the center’s total square footage.”

 

Built in 2007, Southern Plaza was 95.3% occupied at the time of sale. The property is anchored by a ±55,014 square foot Food City (Bashas’) grocery store and includes ±20,219 square feet of additional shop space and two developable pads. In addition to Food City, Southern Plaza’s tenant mix includes Payless ShoeSource, Grand Mart, Pizza Patron, AA Insurance, Rapido Tax and locally owned operators of a hair salon, nail salon and dentist. Southern Plaza is located in densely populated trade area that services over 102,000 residents within a three mile radius of the center.

Marley Park Plaza

Cassidy Turley reports two retail center sales

Cassidy Turley announced the sale of Marley Park Plaza, a 77,545 square foot, grocery-anchored neighborhood shopping center at 15411 W. Waddell Road in Surprise. IMAN Enterprises, LLC of Surrey BC, Canada, purchased the retail center for $12.45 million from Donahue Schriber Realty Group.

Cassidy Turley Executive Managing Directors Ryan Schubert, Michael Hackett, Dan Wald and Matt Kircher negotiated the transaction on behalf of the seller.

Located on 11.83 acres at the southeast corner of Waddell and Reems Road, the sale included the Basha’s anchored shopping center and an adjacent 2.45 acre developable land parcel. The parcel is currently planned for an additional 16,705 square feet of retail space. In addition to Basha’s, Marley Park Plaza tenants include Subway, H&R Block, Little Caesar’s Pizza, Baskin Robbins and Great Clips. Developed in 2007 by Donahue Schriber Realty Group, the property is located one-half mile east of the Loop 303 with frontage on two primary thoroughfares in Surprise. Marley Park Plaza was 98% leased at the time of sale.

“There was tremendous upside for the buyer with the future development of the adjacent parcel,” Hackett said.

The brokerage firm has also announced that Hayden Crossing Shopping Center, a 63,446 square foot neighborhood retail center at 8015-8035 E. Indian School Road sold for $14 million ($221.38 PSF).

Executive Managing Directors Ryan Schubert and Michael Hackett with Cassidy Turley’s Retail Capital Markets Group represented the seller Hayden Crossing Shopping Center, LLC. The buyer was a Phoenix investor, 919 Hillsdale, LLC.

Hayden Crossing

Hayden Crossing

“Hayden Crossing is located in a prime infill Scottsdale submarket with a very high barrier of entry by future competition,” Schubert said. “The center includes two quality, net lease tenants, Bashas’ and Walgreens.”

Hayden Crossing is located on six acres at the southeast corner of Hayden and Indian School Roads. The center was built in 2004 specifically for Bashas’ and Walgreens. The neighborhood shopping center services all of downtown Scottsdale, the city’s second largest employment center and a hub for technology and healthcare companies like Yelp and McKesson.

WalmartShopAtLaveen

North Dakota investor purchases Walmart Shops at Laveen Village for $7.15M

Cassidy Turley announced that North Dakota-based Eleven Investments, LLC acquired Walmart Shops at Laveen Village, a neighborhood shopping center along with a developable pad located at 3525 W. Southern Avenue, for $7.15 million ($151.81 PSF). The seller was Washington-based Pacific West Land, LLC.

Executive Managing Directors Ryan Schubert and Michael Hackett with Cassidy Turley’s Retail Capital Markets Group represented the seller.

“Eleven Investments made an opportunistic purchase of this quality asset, which they anticipate adding substantial value to thru lease-up and potential development of the outparcel,” Mr. Hackett said.

Built in 2007, Walmart Shops at Laveen Village is a ±47,098 -square-foot shopping center situated on ±9.64 acres and configured for multi-tenant retail use. The project is anchored by a Walmart Supercenter (NAP) and other national tenants including Church’s Chicken, Sally Beauty Supply and Cricket Wireless. The property has excellent visibility along both Southern Avenue and 35th Avenue in Laveen, an urban village within the City of Phoenix. The Walmart Shops at Laveen Village was 77% occupied at the time of sale.

UnionHills_PressRelease

California investor purchases Union Hills Village for $10.3 Million

Cassidy Turley announced that a company formed by California-based Ethan Christopher acquired Union Hills Village, 18631 N. 19th Avenue, for $10.3 million ($93.47 PSF). The seller was Costa Mesa, CA-based Donahue Schriber Realty Group, L.P.

Executive Managing Directors Ryan Schubert, Michael Hackett, Dan Wald and Matt Kircher with Cassidy Turley’s Retail Capital Markets Group represented the seller.

“Ethan Christopher was able to recognize the potential and stability of Union Hills Village and is excited to add the asset to its outstanding portfolio of neighborhood centers in Arizona,” Mr. Hackett said.

Built in 1987, Union Hills Village is a ±110,188 square foot community center situated on 10.5 acres and is configured for multi-tenant retail use. The project is anchored by Blast Fitness, Dollar General and other national tenants including Dunkin Donuts, Cost Cutters, Nationwide Vision, Subway and UPS Store. The property has excellent visibility along both Union Hills Drive and 19th Avenue in Phoenix. Union Hills Village was 86% occupied at the time of sale.

PrescottGateway, Cassidy Turley

The Shops at Prescott Gateway Sold by Cassidy Turley

Cassidy Turley sold The Shops at Prescott Gateway, a ±34,671 SF shopping center adjacent to Prescott Gateway Mall, on the SWC of Highway 69 and Lee Boulevard in Prescott. Cole Real Estate Investments, Inc. purchased the property for $12.77M from RED Development. Cassidy Turley’s Ryan Schubert and Michael Hackett represented RED Development during the sale transaction.

According to Schubert, “The Shops at Prescott Gateway received tremendous interest from the market as Red Development built another irreplaceable, destination asset. Despite its perceived secondary market location, the property received over a dozen offers.”

Built in 2012, The Shops at Prescott Gateway is a five building retail center anchored by Trader Joe’s with a national and regional tenant base, including Five Guys, Great Clips and Mattress Firm. The center was 93 percent occupied at the time of sale.