Newmark Knight Frank (NKF) has announced the sale of four retail assets totaling 197,914 square feet for a combined value of over $50 million. Two of the four assets — Ross Walgreens Shopping Center at 234 East Bell Road and Cheryl Plaza at the southwest corner of 19th Avenue and Northern Avenue — were located in Arizona. Gold’s Gym at 8935 State Highway 151 is located in San Antonio, Texas and Savoy 16 IMAX Theater at 232 Burwash Avenue is located in Savoy, Illinois. NKF Managing Directors David Guido and Tim Westfall as well as Associate Director Ryan Moroney represented the sellers in all four sale transactions.
“The NKF team completed the four transactions totaling approximately 200,000 square feet in just two weeks,” commented Guido, who specializes in retail investment sales. “Most notable of the transactions, aside from the overall short turn around, was the first-time sale of the Ross Walgreens Shopping Center since it was developed and sold almost 25 years ago.”
The Ross Walgreens Shopping Center, measuring 94,600 square feet sold for $13.12 million. The center is a single-story four-tenant big box property located in an extremely dense North Phoenix submarket and is currently 100% leased to tenants Ross Dress For Less, Walgreens, Big Lots! and Bealls Outlet. Built in 1995, the property is situated on two parcels totaling ±7.92 acres, with ample surface parking and tremendous visibility from Phoenix’s busiest arterial, Bell Road.
“The acquisition offered a unique opportunity for an out of state investor to increase their portfolio locally and capitalize on increasing Phoenix market fundamentals,” added Westfall. “Opportunities to acquire superior quality retail projects of this nature are highly sought after by local and national investors. This trend is likely to continue as investors continue to see Phoenix as a safe bet for future growth.”