Lee & Associates, the largest broker-owned commercial real estate firm in North America, announced that it has arranged a $12.3 million sale of the Sun City Promenade, a 70,035 SF daily needs shopping center located in Sun City, Ariz. Principal, Jan Fincham and Associate Andrew Lundahl facilitated the sale on behalf of the seller, Sun City Promenade, LLC and the buyer, Sun City Baceline, LLC. Sheila Hunter at Thomas Title and Escrow handled the escrow.
Sun City Promenade is located at the southwest corner of Bell Road and 99th Avenue and is the gateway to the Sun City retirement communities. The property provides financial services, health care and medical, retail, restaurants and sporting goods to Sun City residents. The shopping center is home to tenants Starbucks, Verizon Wireless, Vans Sporting Goods, Iora Health, TD Ameritrade, Miracle Ear, Dominic’s restaurant, Heritage Tax Services and Allstate Insurance.
Sun City Promenade was originally developed in 1984 by Westcor, who became the largest shopping center developer in the Southwest and was subsequently acquired by the Macerich Company.
“Investors liked that the location enjoys good visibility, has robust daily traffic counts of 70,000 automobiles at the intersection, and that the property features a mix of tenants that are internet resistant providing daily needs to Sun City residents,” said Fincham.
According to Fincham, the property boasts excellent tenant longevity with over 60% of them being located at the center for over 10 years. In addition, investors liked that there are no big box tenants limiting the risk from online shopping.