Two Valley shopping centers sell for combined $16.4M
Two high-proﬁle shopping centers sold in separate transactions in the past 60 days: Fry’s Food Store-anchored 51st & Olive Square at 5116 W. Olive Ave., Glendale for $9,250,000 ($165.40 per SF) and Playa Del Norte, 555 N. Scottsdale Rd., Tempe for $7,100,000 ($617.44 per SF).
At 51st & Olive Square, Lee & Associates principals Patrick Dempsey and Jan Fincham negotiated both sides of the transaction. The buyer was 51 & Olive Station LLC of Cincinnati, OH. The 88,225 SF property features a Fry’s Food Store, Fry’s Fuel Station, Leslie’s Pools, UPS Store and Papa Murphy’s.
At Playa del Norte, Lee & Associates principals Patrick Dempsey, Jan Fincham, Chris McClurg and Matt Fredrick co-listed and secured the buyer, Crow Holdings Capital Real Estate of Dallas, TX. The 11,499 SF retail plaza features high-volume tenants such as Starbucks, Jersey Mike’s, Wing Stop and T-Mobile.
Both properties sold to institutional buyers for investment.