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7,113-SF Retail Center Sells for $305 per SF

PHOENIX-A California couple puts up $2.2 million for the center, strategically positioned at the intersection of Loop 101 and Interstate 17. Location and credit-worthy tenants close the sale to satisfy a 1031 Exchange.

By Beverly Ford | Updated on December 19, 2002

PHOENIX-A 7,113-sf retail center located in one of the largest power centers in the valley has been sold for slightly less than $2.2 million to a California couple who liked the investment opportunity in the solid tenant base and prime freeway access.

“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.

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