 |
| Fountain Square Shopping Center, Phoenix, AZ |
PHOENIX, AZ – Marcus & Millichap Real Estate Investment
Services, the nation’s largest real estate investment services firm, has
arranged the sale of Fountain Square, a 118,209-square foot lender-owned
shopping plaza in Phoenix. The sales price of $15,366,600 represents $130 per
square foot.
Sanford
Burstyn in Marcus & Millichap’s Phoenix office represented the seller,
and the buyer, Houston-based Whitestone REIT.
 |
| Sanford Burstyn |
“Fountain
Square is part core asset and part value-add,” says Burstyn. “The property has
multiple credit tenants, five pad buildings and vacancy rate of 32 percent,
providing Whitestone with a stable base return and an achievable upside.
Located at an ‘A’ intersection in Phoenix at Seventh Street and Bell Road, the
asset attracted a great deal of interest from a wide range of investors,” adds
Burstyn.
In-line tenants include Planet Fitness, Payless Shoe Source,
Hallmark, T-Mobile, UPS, Avon, H & R Block, Rent-A-Center and Weight
Watchers. The pad users include leases with U.S. Bank, Village Inn, Hi-Health,
El Pollo Loco and Baja Fresh. Safeway and McDonald’s are contiguous to Fountain
Square but were not included in the offering
The property was developed in 1986 by Charles Keating
of Continental Properties.
Contact:
Stacey Corso
Public Relations Manager
(925) 953-1716
No comments:
Post a Comment