Paradise Hills Shopping Center, located at 10604-10662 N. 32nd St. and 3110-3116 E. Shea Blvd. in Phoenix, has been purchased by Westwood Financial, LLC, a national retail property investor. The specialty retail center is situated near State Route 51 and 32nd Street. The sales price was $16,800,000, according to Vizzda.
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“We expanded Ace Hardware and added a dozen new tenants, including Pets Supplies Plus, boosting the property to 97.4 percent leased. That brought a unique tenant mix to the high quality customer base, assuring predictable future cash flow and high occupancy,” says Brent Howard, vice president, Sales and Acquisitions at Abbington Emmerson Investments LLC who sold the property to Westwood Financial. “This shopping center is strategically positioned in a vibrant niche location that offers easy regional reach while also being near the affluent neighborhoods of north Scottsdale and the Town of Paradise Valley,” says Mindy Korth, executive vice president with Colliers.
Korth and JK Jackson of the Colliers office in Phoenix worked in conjunction with El Warner and Caitlin Zirpolo of Colliers in Irvine, CA in representing the seller.
Paradise Hills Shopping Center contains 83,787 square feet of retail space situated on 7.54 acres. The center has been a staple in the community for six decades, continously serving as a key retail hub in the area. The center is occupied by 16 tenants, including Ace Hardware, Pet Supplies Plus, and Uptown Jungle, along with an artisan bread shop, memorabilia store, home entertainment studio, salons, barber shop, five restaraunts and bars, and more.
