SW Phoenix Shopping Center Trades for $11.2M in All Cash, Value Add Deal

 
 
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Tags:
Real Estate
Shopping Center
Retail

Industrys:
Real Estate
Shopping

Location:
Phoenix - Arizona - US

Subject:
Deals

PHOENIX - June 25, 2014 - PRLog -- The South Mountain Crossing shopping center at 3636 W. Southern Ave. in Phoenix, sold for $11,172,825, or $84 per square foot in an all cash, value add investment sale. The sale closed on June 20.

The transaction includes the 132,314 SF shopping center space, 4 developable pads and a 6.6 acre parcel for future retail development.

Lee & Associates Arizona Fincham/Dempsey Investment Team, led by principals Jan Fincham and Pat Dempsey, facilitated the transaction on behalf of both the owner, RN South Mountain Properties, LLC and the buyer, South Mountain Retail, LLC.

RN South Mountain Properties, LLC originally purchased the property in February 2012. At the time, the property was a failed development project that included what was to be a Mervyn’s- anchored shopping center. However, Mervyn’s declared bankruptcy and the project failed. RN properties back-filled the former Mervyn’s building with a Goodwill store and a Cal Ranch Store, a 20-store ranch and home chain from Boise, Idaho. In addition, the RN properties group recently negotiated a to-be-built McDonald’s on a ground lease on the hard corner as well as a new Filiberto’s restaurant.

Built in 2007, the shopping center is nearly 80 percent occupied and has the additional 6.6 acres of excess land which is entitled for an additional 61,788 SF of building space. The entire property sits on 25.6 acres. The center is located in the dynamic Laveen area of Southwest Phoenix and is bounded by major arterial corridors such as Southern Ave., 35th Ave. and is close to Interstate 10.

For more information, contact:

Pat Dempsey, 602.954.3772, pdempsey@leearizona.com
Jan Fincham, 602.954.3754, jfincham@leearizona.com

About Lee & Associates Arizona

Lee & Associates Arizona specializes in providing exceptional commercial brokerage services to the industrial, office, land and investment sectors of the Phoenix commercial real estate market. The Phoenix office was established in 1991 and is now recognized as one of the most successful brokerage firms in the state. Each of the 49 nationwide Lee & Associates offices has a strong local ownership combined with a powerful platform from the national Lee & Associates network.

Media Contact
Matt DePinto
mdepinto@leearizona.com
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Tags:Real Estate, Shopping Center, Retail
Industry:Real Estate, Shopping
Location:Phoenix - Arizona - United States
Subject:Deals
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