Tag Archives: Walgreen’s

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.

MARCUS & MILLICHAP SELLS A 14,820-SQUARE FOOT NET LEASED BUILDING

Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Walgreens, a 14,820-square foot net leased property located in Goodyear, according to Steven Ross Chaben, Managing Director of the firm’s Phoenix office. The asset commanded a sales price of $9,094,000.

Mark Ruble and Jamie Medress, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, an individual/personal trust, was secured and represented by Kirk Trammell, an investment specialist in Marcus & Millichap’s Palo Alto office.

Walgreens is located at 9800 South Estrella Parkway.  This is the first store in Arizona with the new “Wellness Experience” prototype.  The new prototype is focused on the Pharmacy experience and building sustainability.  In addition, this is the second Walgreens in the country to receive LEED certification.

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With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.

running

Phoenix AIDS Walk and 5K raises $327K

More than 6,000 participants walked, ran and strolled with their dogs in downtown Phoenix on Oct. 21 to raise $327,379 for 19 Valley-based HIV/AIDS service providers.  Since 2007, AIDS Walk Phoenix & 5K Run has raised more than $1.6 million, which has been evenly distributed by Aunt Rita’s Foundation, the 501(c)3 nonprofit agency that organizes the event.

“We had more walkers and runners this year than ever before and though we didn’t hit our goal of $500,000, we still raised a significant amount of money that will be put to good use by the agencies Aunt Rita’s Foundation supports,” said Aunt Rita’s Executive Director Kit Kloeckl.  “I’d say that raising nearly $330,000 in a very tough economy makes this event a significant success.”

Walgreen’s was the title sponsor.  Other sponsors were:

• Presenting Sponsors: Sonora Quest Laboratories, Univision Arizona, 100.3FM La Kalle, Echo Magazine

• Platinum Sponsors: After Hours Multicultural, City of Phoenix, PMT Ambulance, Platinum: After Hours Multicultural, City of Phoenix, PMT Ambulance, Southwest Airlines, Carefree Resort & Conference Center and Safeway; Gold: Attentive Home Health, just Wink, ONE Community, SWAY Events, Phoenix Pride, Rainbows Festival, Cardenas Marketing and Catch Creative; Silver: Avella, ASU Wellness, Blue Cross® Blue Shield® of Arizona*, Scottsdale Healthcare’s FitCity Scottsdale, The State Press, WDP Entertainment, Lodestone Systems, Pride Guide Arizona, Arizona Lottery, Bud Light, and Cultural Sponge

Agencies that benefit from the event are: A New Leaf, The Bill Holt Clinic at Phoenix Children’s Hospital, Chicanos Por La Causa, Compassion in Action, Concilio Latino de Salud, Ebony House, Heal International, HIV/AIDS Law Project, HIV Care Directions, Joshua Tree Feeding Program, Inc., Maricopa Interfaith HIV/AIDS Alliance, McDowell Healthcare Center, Native American Health, One n Ten, The Phoenix Shanti Group, Project Hardhat, Southwest Behavioral Health Services, Southwest Center for HIV/AIDS, and Terros

In addition to AIDS Walk Phoenix & 5 Run, Aunt Rita’s signature events include SAVORlife, a month-long event during which individuals across the Valley host dinners for their friends, either at home, at restaurants or even at workplaces.  SAVORlife takes place in March.

For more information about Aunt Rita’s, go to www.auntritas.org.  For more information about SAVORlife and to register as a host, visit www.savorlifephoenix.org or call (602) 882-8675.

Vestar

Vestar Property Manager At Christown Spectrum Mall

Vestar, a prominent leader in commercial management, was selected as property manager at Christown Spectrum Mall in Phoenix.

“In today’s challenging retail market, owners understand that an experienced property manager is necessary for the success of a center,” says Pat McGinley, Vestar Vice President of Property Management.

Christown Spectrum Mall, formerly known as Phoenix Spectrum Mall, is a 1.14 MSF shopping center that caters to a diverse demographic. The change in management is not the only recent change; the exterior has been redesigned and developed to improve the overall environment of the property, according to Vestar officials.

Christown was Arizona’s first air-conditioned, enclosed mall and today it houses popular stores such as Walmart Supercenter, Walgreens, Ross Dress for Less, Costco Wholesale, Claire’s Boutique, and Dollar Tree. The mall also features other smaller specialty retail stores.

While Vestar continues to manage its various properties, it has begun examining and evaluating plans for Christown to specifically help increase mall traffic and tenant sales, Vestar says.

To increase the synergy from all of the tenants, the company plans to use its years of experience and the lessons it has learned to creatively think about every area of potential improvement.

The mall features seven anchor stores. Officials say in the current economic climate, having successful anchor stores is vital to the survival of a mall. In the past decade, several anchor stores began to close and put Christown in a difficult position. However, with the new redesign and change in management of the mall, the future will continue to look positive, officials predict.

A challenge that Vestar faces with Christown is the disparity of traffic throughout the different sections of the mall.

“We want to find new ways to drive traffic from one portion of the mall to another and create an environment where the whole is greater than the sum of the parts,” McGinley says.” One of Vestar’s core values includes innovation, which to Vestar, means, “tak(ing) lessons of today to create the projects of tomorrow” and the “innovation comes from (their) constant search for better results.”

Vestar is in the “process of evaluating each aspect of their operation to determine how best to improve the leasing, management and marketing functions,” McGinley says. He adds that tenants have been very responsive to the change in management and with the changes that Vestar is planning on making.

Founded in 1977, Vestar operates properties in Arizona, southern California, and now Nevada. Vestar oversees more than 45 properties which include Tempe Market Place, Desert Ridge Market Place, and Ahwatukee Foothills Towne Center in Arizona.

For more about Christown Spectrum Mall, visit christownspectrum.com; or, for more information about Vestar, visit vestar.com.