CBRE negotiated the $71 million sale of Stetson Village, a 144,192-square-foot grocery-anchored shopping center at 3780-3890 West Happy Valley Road in Phoenix, Ariz. Longpoint Partners acquired the property.
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Ryan Schubert, Michael Hackett and Zach Aulick of CBRE’s National Retail Partners arranged the transaction on behalf of the seller, Pederson Group, and the buyer, Lena Centers, a subsidiary of Longpoint.
“Stetson Village is a rare, core retail opportunity, anchored by a top-performing Safeway and located just minutes from the transformative TSMC semiconductor facility,” said Schubert, executive vice president at CBRE.
Built in 2007, Stetson Village is fully leased to a mix of national and regional diverse tenants across categories, including Capriotti’s, Nekter Juice Bar, UPS Store, First Watch, Great Clips, and many others.
“This has been a top-performing asset for our Company and will continue to be so in the future,” said Jim Pederson, CEO of the Pederson Group. “We had an excellent team on this transaction and an excellent buyer.”
The neighborhood center is located on 18.6 acres near the densely populated area of North Phoenix. Proximity to major demand drivers such as Sandra Day O’Connor High School, the Sentio Apartments and the $65 billion TSMC plant, which is expected to generate thousands of jobs and attract a robust supplier ecosystem, further enhances the center’s positioning.
According to CBRE research, the North Phoenix submarket posted one of the largest declines in vacancy, as the rate fell by 50 bps during the second quarter of 2025 to 6.9%.
