"The critical mass from the power center's strong retail roster and the traffic generated by the freeways brought this property instant recognition and visibility," Michael Day with Sperry Van Ness Mullin tells GlobeSt.com, referring to the Deer Valley Towne Center Annex.
Located in the 500,000-sf Deer Valley Towne Center at the intersection of the Loop 101 and Interstate 17, the plaza seemed a prime choice for buyers John and Eloise Westra, who were looking for a property to satisfy a 1031 Exchange, Day said. "It has excellent credit tenants and if you couple strong credit tenants with a strong area, it all adds up to a stable investment," he added.
In addition to its freeway access and location that allows it to draw customers from the adjacent power center, the 3045 W. Agua Fria Freeway property also appealed to the buyers because it is fully occupied by Carpet Mills of America, Cold Stone Creamery, LA Weight Loss Centers and Mirage Nails & Spa.
Day said the property, which sold for more than $305 per sf, had an 8.5 percent cap without a vacancy factor taken into account. He, Shari Tucker and Ari Spiro, also of Sperry Van Ness Mullin represented DVI LLC, which developed the property. Kevin Dee of Charles Dunn Co. negotiated on the buyer's behalf.
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