Two Valley Retail Shopping Centers Sell for Combined $16.4 Million

PHOENIX - Nov. 11, 2015 - PRLog -- 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.

For more information:

Patrick Dempsey, Principal
602.954.3772, pdempsey@leearizona.com

Jan Fincham, Principal

602.954.3754, jfincham@leearizona.com

Chris McClurg, Principal
602.954.3766, cmcclurg@leearizona.com

Matt Fredrick, Principal
602.912.3532, mfredrick@leearizona.com

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