The 46-acre Peoria retail center anchored by a 14-screen Harkins Theatre, Park West, sold to an investment firm for $34.45 million, according to Cushman & Wakefield.
The retail center is located at the northwest corner of Loop 101 and Northern Avenue in Peoria, and has many upscale tenants like Flemings Steakhouse, BJ’s Brewhouse, Grimaldi’s Pizza and more.
The Cushman & Wakefield team of Greg Valladao, Brad Douglass, Chris Hollenbeck and Sean Lieb negotiated the deal on behalf of the sellers, Park West LLC in partnership with Dallas-based The Howard Hughes Corporation.
San Diego-based CIRE Equity purchased the recently constructed retail center that’s near the Peoria and Glendale borders. The property has an additional 18-acres of development land.
The 74-acre Vue Park West 260-unit luxury multifamily community was excluded from the deal.
“Park West presented the opportunity to purchase a meticulously constructed and maintained mixed-use center with tremendous upside in a region experiencing exceptional growth,” Valladao stated.
