SRS Real Estate Partners’ Investment Properties Group (IPG) announced today it has completed the $65.8 million sale of Arcadia Crossing, a 453,457-square-foot grocery-anchored power center located at 44th Street & Thomas Road in Phoenix, AZ.
SRS IPG’s Senior Vice Presidents Chris Tramontano and John Redfield, and EVP Mike and SVP Brian Polachek of the Phoenix office represented the seller, a Phoenix-based family office. The buyer, a Denver-based family office was represented by Pinnacle Real Estate Partners.
Executive Vice President Mike Polachek and Senior Vice President and Principal Brian Polachek with SRS Real Estate Partners out of the Phoenix office are the leasing team for the asset.
Situated on 44 acres, Arcadia Crossing was 95% occupied at the close of escrow. It is anchored by Fry’s Food & Drug, Target, Burlington, Conn’s HomePlus, and Costco. Fry’s underwent a significant interior renovation in 2019. Other tenants include Ross Dress for Less, Petco and Five Below.
“This sale demonstrates the growth and demand for high-quality, well-located assets in the Phoenix market,” said Redfield. “Arcadia Crossing is an extremely unique property whereby as a power center it also included Target and Kroger in the total leasable area. That coupled with the quality of the location, provided high demand for the sale and a great long-term investment opportunity for the new owner.”
Tramontano added, “Arcadia Crossing is a premier shopping center in the heart of a booming Phoenix real estate market. We originally took this property to the market pre-pandemic and generated significant interest and offers both from the institutional and private sectors. After surviving Covid and an escrow that was put on hold, we were able to go back to the groups at the table and push pricing higher than the previous contract price. Ultimately, we closed with an out-of-state private high net worth family office in a very large 1031 exchange.”
The property is just three miles north of Phoenix Sky Harbor International Airport and there are more than 300,000 residents within a five-mile radius.
Year-to-date, SRS’ Investment Properties Group and National Net Lease Group (NNLG) has completed more than 580 transactions valued in excess of $1.8 billion and has in excess of $2.0 billion in property on the market.