JLL Capital Markets announced today that it arranged the sale of Park West Shopping Center, a 254,982-square-foot theater-anchored lifestyle center located in Peoria, Arizona. The sale price was $116,707,423, according to Vizzda.
JLL represented the seller, CIRE Equity, in the transaction. CenterCal Properties acquired the asset.
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Originally completed in 2007, Park West Shopping Center is a 92%-occupied lifestyle center featuring a diverse mix of entertainment, dining, apparel and daily-needs retailers. Anchored by a Harkins Theatre, the property features a curated collection of national, regional and local tenants, including Fleming’s, Grimaldi’s, Athleta, BJ’s Restaurant & Brewhouse, Pita Jungle, See’s Candies, The Sicilian Butcher, Vans and other complementary retailers and restaurants.
Located in Peoria within the rapidly growing West Valley region of metropolitan Phoenix, the property benefits from direct access to Loop 101, one of the area’s primary transportation corridors. The center serves a large and affluent consumer base and is strategically positioned within a well-established retail corridor that continues to attract residents, visitors and businesses seeking access to the broader Phoenix metropolitan area.
Park West’s combination of entertainment, dining and retail offerings has established the property as a prominent community destination. In addition to its existing tenant mix and strong occupancy, the asset offers future value-creation opportunities through tenant curation, lease-up initiatives and the development of remaining pad sites.
The JLL Capital Markets team was led by Director Tess Berghoff, Managing Director Patrick Dempsey and Analyst Ross Jorgensen.
“Park West offered investors a rare opportunity to acquire an established lifestyle destination with a strong entertainment anchor, a highly curated tenant mix and multiple avenues for future growth,” said Berghoff. “CenterCal recognized the property’s long-term relevance within one of the Valley’s most dynamic retail corridors and its potential to continue evolving alongside the surrounding community.”
JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
