Kidder Mathews’ Darren Tappen, Nathan Thinnes, and Peter Beauchamp represented LNR Partners in selling Arcadia Town Center in Phoenix, Arizona. The buyer, Whitestone REIT, acquired the property for $25,300,000 ($364 PSF).
Arcadia Town Center is a multi-tenant neighborhood retail center situated on five acres. Shadow-anchored by a high-performing Safeway grocery store, the property also includes CVS, along with a blend of traditional and service-retail tenancy.
“Seasoned retail investors remain focused on grocery-anchored centers in the Phoenix metro,” said Tappen. “The combination of Safeway and CVS offers two ideal anchors for the project, resulting in strong interest from a wide range of buyers and capital sources.”
Located at 4730 – 4750 East Indian School Road, the center is uniquely positioned in the affluent Arcadia neighborhood, one of the city’s best-performing trade areas with exceptional demographics and strong historical occupancy.
“The value of the property is heightened by not only its location, but also its rarity — as there is no developable land for another grocery-anchored community retail center in the immediate area,” said Thinnes.