Lee & Associates Team Brokers 2 Retail Investment Deals For $27.4M
Two separate shopping center transactions have sold for a combined $27.4M.
Anthem Marketplace, a 113,293 SF Safeway Food and Drug anchored neighborhood shopping center in the prestigious master planned community of Anthem in north Phoenix was sold for $23.3M. Price per square foot was calculated at $205.66.
The property, which is 89% occupied, is at the SWC of Anthem Way and Gavilan Parkway in Anthem. The center is anchored by Safeway Food and Drug, KinderCare, Leslie’s PoolMart, Subway, Papa Murphy’s, Edward Jones and State Farm.
Jan Fincham and Patrick Dempsey, principals with Lee & Associates Arizona, facilitated this transaction on behalf of Regency Centers, a Real Estate Investment Trust that own and operates over 345 retail shopping centers nationwide.
The shopping center was purchased by Whitestone REIT as they add to their holdings in the Arizona marketplace. Whitestone owns, operates and redevelops community centered properties in Texas, Arizona and Illinois.
Fry’s Plaza is a 31,134 SF retail shopping center shadow anchored by a newly expanded and remodeled Fry’s Food and Drug at 3134 S. Mill Ave. in Tempe. The shopping center featuring national and regional tenants such as the UPS Store, Great Clips, Jackson-Hewitt and Hi-Health. It is currently 60% occupied and offers the new owner an excel- lent value add opportunity.
Both Fincham and Dempsey facilitated the sale of the property from L&G Mill, LLC of Tempe to Mill Plaza Investors, LLC of Scottsdale.