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| Christopher Tramontano |
Irvine, CA, April 15,
2015, -- Faris Lee Investments, a leading retail advisory and investment sales
firm, has completed the $15.075 million sale of Payson Village Center in Payson, Ariz.
The grocery-anchored center includes Bashas’, a
well-established Arizona grocery operator. The center totals 140,500 square
feet on nearly 16 acres and is ideally located in the center of town at
Payson’s busiest intersection of Highway 87 and Highway 260.
Christopher
Tramontano, managing director, and Donald
MacLellan, senior managing director, with Faris Lee Investments represented
the buyer, Progression Real Estate Investments, as well as the seller, Hirani
Oil Foundation.
Faris Lee marketed the property as a fundamentally stable
investment and the best-located grocery-anchored center in the trade area
providing a competitive advantage. The firm received strong offer activity from
private as well as more institutional-oriented investors.
“Payson Village was 87 percent occupied at the close of
escrow and offered an investor the opportunity to add value through lease-up of
vacant space, development of a well-located outparcel to the center, and
procure historically low interest rate debt,” said MacLellan.
 |
| Donald MacLellan |
Tramontano noted that anchor tenant, Bashas’, is a regional
grocer that has doubled in size over the last decade at Payson Village.
“Bashas’ is not only a long-term tenant, the store recently completed an
interior renovation of its space as further testimony to its success and
commitment to its solid location. Investors were able to really see the value
in this property as it offers all the fundamentals that make it a sound
investment.”
Other tenants at Payson Village include Dollar Tree, Big 5,
Native Grill, Jiffy Lube, and Arby’s – all of which are doing well in the
center.
In the coming years, the center’s tenants and new ownership will enjoy
additional residential development in progress, as well as a proposed 250-acre
Arizona State University satellite campus just East of Payson Village with a
projected student population of approximately 6,000, with additional employees
and faculty.
Plans for the campus are in early stages and currently
include a research center, student housing, and a convention center.
For a complete copy
of the company’s news release, please contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
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