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| Peoria Crossings Power Center, Peoria, AZ |
IRVINE, CA – Faris Lee Investments, a leading retail
advisory and investment sales firm, has completed the $13.7 million sale of a
two-building, NNN-leased retail property in Peoria, Ariz., a major Phoenix
submarket.
Situated on 5.12 acres and totaling 51,200 square feet, the
property is fully occupied by LA Fitness, OfficeMax, Carter’s, and Styles for
Less.
The asset is located within the 66-acre Peoria Crossings
regional power center that is co-anchored by Target, Kohl’s, Ross, Michael’s,
and Petco.
Jeff Conover, senior managing director with Faris Lee
Investments, represented the Indianapolis-based seller, Peoria Crossings
Development LLC.
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| Jeff Conover |
The San Jose, California-based 1031 exchange buyer, El
Rancho Company, was represented by Brian Mason of Colliers
International.
The transaction closed at a 7.5 percent cap rate. Faris Lee
also facilitated the financing process with Woodman of the World Life Insurance
Company in Omaha, NE.
“Faris Lee focused its marketing outreach for this quality
asset by targeting buyers from California who are seeking higher yields on
their investments,” said Conover.
“Right now we’re seeing retail investment opportunities in
California become more competitive and cap rates falling below 5 percent. For
this reason, we’ve worked strategically to move a tremendous amount of California-based
capital out-of-state, into high-growth markets such as Arizona.”
Conover added that Faris Lee received multiple competitive
offers on the property which sold for 99 percent of the asking price and at a
strong price-per-square-foot of $268.
Built in 2007 and 2008, the property is located at 9320 W.
Northern Ave. and 8170 N. 91st Ave. at the northeast corner of Loop 101 and
Northern Avenue.
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| Brian Mason |
More than 143,000
vehicles per day pass through the intersection. Additionally, there are more
than 300,000 people and more than 70,000 daytime employees within the immediate
trade area.
Peoria Crossings is
situated across the street from a proposed resort and casino which was recently
approved for 225,000-square-feet of gaming, a hotel, restaurants and convention/meeting
space.
For a complete copy of the company’s news release, please
contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
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