The Fincham Dempsey were successful in selling two Glendale, Arizona shopping centers in the ﬁnal week of July. Glendale Market Square and Arrowhead Plaza were sold satisfying 1,031 exchanges for the buyers for a total of $38,600,000.
The Lee & Associates Fincham Dempsey Team, led by Jan Fincham and Patrick Dempsey, facilitated the transaction on behalf of both the buyer and seller for each transaction.
Glendale Market Square, purchased by CIRE, is the larger of the two centers and is located at the NWC of 59th Avenue and Bell Road. It is a 221,388 SF community shopping center built in 1992 and is anchored by a Winco Foods (not included in the sale). Other tenants at the time of sale include Compass Bank, Lina Home Furnishings, Floor & Décor, Hi-Health, T-Mobile, & El Pollo Loco among others. It sold for $24,600,000 ($111.12/SF).
“CIRE was attracted to the long term potential of the property as well as the attractive demographics and one of the best performing retail submarkets in all the Phoenix area,“ said Dempsey.
Arrowhead Plaza, a retail shopping center located on the SEC of 67th Avenue & Beardsley Road sold for $14,000,000 ($166.00/SF) and was purchased by Beardsley-67th Avenue LLC. The center was built in 1990 and includes 84,389 SF of retail space. At the time of sale the center was 95.2% occupied with anchors Ace Hardware, Tuesday Morning, and 99¢ Only Store.
Fincham says, ”Arrowhead Plaza provided the buyer and opportunity, via a 1031 exchange, to add to their extensive portfolio of well located shopping centers including their adjacent Denaro Plaza.”