TUCSON, AZ– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of part of Broadway Plaza Shopping Center (top left photo). Marcus & Millichap sold 83,612 square feet of the 464,934 square-foot multi-tenant asset. The asset commanded a sales price of $12,675,000.
The buyer, shopping center REIT Philips Edison-Arc, was secured and represented by Sanford Burstyn (lower right photo), an investment specialist in Marcus & Millichap’s Phoenix office. The seller was Larsen & Baker.
“Demand for well-located shopping centers continues to be strong, while cap rates continue to reflect the compressed interest rates,” says Burstyn. “An institutional investor acquired this portion of Broadway Plaza, which demonstrates the ongoing strength of the anchored multi-tenant sector,” he adds.
Broadway Plaza Shopping Center is shadow-anchored by Home Depot and Kohl’s is located at 7701-7895 E Broadway Blvd. The Broadway Plaza Shopping Center was developed in 1982. Occupancy at time of sale was 94 percent.
For a complete copy of the company’s news release, please contact:
Stacey Corso
Public Relations Manager
(925) 953-1716
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