NAI offices negotiate $9.675M purchase of retail properties
The NAI Puget Sound Properties and NAI Horizon Investment Sales teams of Senior Vice Presidents Wyk Parker, Lane Neville, and Barbara Lloyd represented the buyer in the $9.675 million acquisition of two retail buildings at Litchfield Marketplace.
The new retail property is anchored by Fry’s Marketplace and Ace Hardware. The anchored center is at the NEC of Litchfield and Camelback roads in Litchfield Park, Ariz.
The buyer, MUFG Union Bank, N.A., as Trustee of the John J. Garland Residuary Trust FBO, was represented by the combined efforts of NAI Puget Sound Properties of Seattle and NAI Horizon of Phoenix.
“Our client wanted a stabilized, high-quality retail asset with limited downside risk,” Parker said. “Our acquisition of Litchfield Marketplace surely fulfilled their need. We have credit tenancy in our acquired asset in addition to the anchor, which helps ensure long-term stability for the overall retail property moving forward.”
The two retail shop buildings comprise 18,801 square feet and are 100 percent occupied. The retail properties were built last year. Tenants include Starbucks, Supercuts, Little Caesar’s, MedPost, Pet Planet USA, Times Square Italian Restaurant, and Hot Bagels Deli.
NAI Horizon has been awarded the property management assignment from the new owner.
The seller, Evergreen-Camelback & Litchfield, LLC, was represented by Michael Hackett and Ryan Schubert of Cushman & Wakefield.