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Avondale Retail Plaza Sells for $3.5M

AVONDALE, AZ-The 46,008-sf Avondale Shopping Center's shadow space at 1450 N. Dysart Rd. trades to a Phoenix retail-oriented investment group. The deal closed with a strong 12% cap rate. The grocery anchor wasn't part of the deal.

By Beverly Ford | Updated on March 19, 2003

AVONDALE, AZ-A $3.5-million offer got L&G Dysart Road of Tempe keys to the Avondale Shopping Center in a sale that bought the investment group a prime property in one of the fastest growing areas in the West Valley.

“This had been a dormant area for some time, but with all the rooftops going out there, it’s gotten pretty exciting,” Sanford Burstyn, with Marcus & Millichap’s Phoenix office tells GlobeSt.com. The 46,008-sf shopping plaza, located at 1450 N. Dysart Rd., serves as shadow space to a Food City supermarket, which was not included in the deal. The fully leased center is home to tenants that include Payless Shoes, Walgreens, Goodwill, a dance academy, a 99 Cent store, American Family Insurance and Subway.

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