Deals of the week: Valley shopping centers, industrial complex sold

A quick look at three Valley commercial real estate deals from the past week:

Mountain View Marketplace

Mountain View Marketplace, a shopping center that includes a vacant Safeway store that will soon be a VASA Fitness, sold for $8.3 million.

The center, located at 3131 E. Thunderbird Road in Phoenix, was bought by Fortis Development LLC from Mountain View Shopping Plaza L.P. Brian Gast of Velocity Retail Group represented the buyer in the transaction.

Other tenants in the center include a Walgreens, several restaurants and service-related businesses. VASA Fitness will be 55,000 square feet and is expected to open in October 2019.

“The new owners have plans to redevelop and refresh the center with a new color scheme, signage, parking lot and lighting as well as updated architectural features,” Gast said in a statement.

Van Buren Industrial Center

The Van Buren Industrial Center sold for $6.6 million.

At the time of the sale, the 173,888-square-foot industrial complex in southwest Phoenix was 57 percent leased.

Bob BuckleyTracy Cartledge and Steve Lindley of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller, Black Equities of Beverly Hills, Calif. Phoenix-based Presson Corporation bought the building.

Van Buren represented the opportunity to acquire a project at an attractive basis that will be able to capitalize on the continually improving market dynamics in Phoenix,” Buckley said in a statement.

The Van Buren Industrial Center sold for $6.6 million.

The Van Buren Industrial Center sold for $6.6 million. PROVIDED BY CUSHMAN & WAKEFIELD

The Shops at Arizona

The Shops at Arizona, a 35,710-square-foot Ace Hardware-anchored neighborhood shopping center located at 3434 Anthem Way in Anthem, sold for $5.075 million.

Sean Thomas and Patrick Luther of SRS Real Estate Partners represented the seller, Abington Emerson in the transaction. Pagebrook Holdings Anthem Inc. bought the property.

Built in 2003, the shopping center sits on approximately 6.68 acres. The tenant roster includes Coldwell Banker, Pizza Hut, Princess Nails and Shanghai Club.

“This was a very strategic value-add transaction for Abington,” Thomas said in a statement. “Abington bought the property in mid-2017. At that point The Shops at Arizona was 30 percent occupied. They have worked to proactively stabilize the property by signing seven new leases in the last 15 months.”

By |2018-12-18T02:16:57+00:00December 18th, 2018|Uncategorized|0 Comments

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