Marcus & Millichap Real Estate Investment Services arranged the sale of Fountain Square, a 118,209 SF lender-owned shopping plaza in Phoenix.
The sales price of $15.36M represents $130 PSF.
Sanford Burstyn in Marcus & Millichap’s Phoenix office represented the seller, and the buyer, Houston-based Whitestone REIT.
“Fountain Square is part core asset and part value-add,” Burstyn said. “The property has multiple credit tenants, five pad buildings and vacancy rate of 32 percent, providing Whitestone with a stable base return and an achievable upside.
“Located at an ‘A’ intersection in Phoenix at Seventh Street and Bell Road, the asset attracted a great deal of interest from a wide range of investors.”
In-line tenants include Planet Fitness, Payless Shoe Source, Hallmark, T-Mobile, UPS, Avon, H & R Block, Rent-A-Center and Weight Watchers. The pad users include leases with U.S. Bank, Village Inn, Hi-Health, El Pollo Loco and Baja Fresh. Safeway and McDonald’s are contiguous to Fountain Square but were not included in the offering
The property was developed in 1986 by Charles Keating of Continental Properties.
