"It was a real smoking deal," Michael Day, with Sperry Van Ness Mullin, told GlobeSt.com, referring to the acquisition of the Rodeo Park Plaza by Rodeo Park Plaza LLC.
Day said the investment firm had been wanting to expand its Phoenix-area holdings when it heard that the 1661 South Val Vista Drive property was facing bankruptcy and in need of a buyer. Within months of going to the market, the investment group had cut a deal for the property.
"This center is an excellent investment in one of the nation's fastest growing cities," said Day, who along with Ari Spiro and Jeff Chalfin, all of Sperry Van Ness Mullin, represented the buyer in the transaction. The seller, Ray Val LLC, was represented by Sanford Burstyn of Marcus and Millichap.
Day said the Ray Road and Val Vista Drive shopping plaza appealed to the buyers because its location on the fringes of rapid development would make it a prime parcel within the next year. Presently, a new hospital, freeway, regional mall, at least two power centers and several residential developments are planned for the area, putting the Rodeo Park Plaza in a good position for retail rentals.
The plaza is currently is 89% leased to several local tenants including Meridian Cleaners, Cornerstone Animal Hospital, Gilbert Smiles, Nails by Pam, Payday Now, Tropical Tans, Arizona Hair Company, Tulies Restaurant & Sports Lounge and Water N Ice.
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