Heatherwood Plaza, a neighborhood shopping center shadow anchored by Fry’s Food and Drug, has been sold to an Arizona investor. The retail plaza, located at 13631 N. 59th Ave. in Glendale, was 79 percent leased at the time of sale.
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“This property is extremely well located in a neighborhood offering strong demographics and proximity to the patients and employees of Banner Thunderbird Medical Center,” says Mindy Korth, executive vice president with Colliers. “Twenty percent of the plaza’s tenants have occupied space here for longer than 20 years, which is a testament to the strength of the asset and its location.”
Korth, JK Jackson and Kristina Remon of Colliers in Phoenix worked alongside El Warner and Caitlin Zirpolo of Colliers in Irvine, CA to handle the transaction. BRLS Properties AZ-Glendale LLC sold the property to a private investor, who was represented by Trevor Von Behren and Alex DeSoto of Matthews Real Estate Investment Services in Scottsdale, AZ.
Heatherwood Plaza, situated at the southeast corner of 59th Avenue and Thunderbird Road, contains ±22,115 square feet of leasable space on a ±3.13 acre site. Built in 1988, the neighborhood shopping buildings are configured for small shop tenants with 11 spaces currently in place that span from 1,200 to 4,236 square feet each. Upscale surrounding demographics, abundant parking and convenient ingress and egress all contributed to the investment appeal of this property.
The 79 percent leased plaza is currently occupied by nine tenants that include four restaurants, along with personal and professional service retailers. The plaza is shadow anchored by Fry’s Food and Drug, Arizona’s #1 grocery chain. In addition to this draw, the nearby Banner Thunderbird Medical Center generates an estimated 5,500 daily visits to the area. The property is easily accessible to both Interstate 17 and the Loop 101 freeway for access to other regions of the metropolitan area.
