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AVONDALE, AZ-HMC Enterprises of Rancho Sante Fe, CA, has beat out more than 12 other investors to acquire Avondale Shopping Center, a 46,008-sf, grocery-anchored center, for $5.5 million.
L&G Dysart LLC of Tempe, AZ, sold the 18-year-old center after rehabbing and repositioning it. The property, which is 100% leased to tenants including Food City, Goodwill Industries and Payless Shoe Source, is located at the southwest corner of Dysart Avenue and Van Buren Street.
"Avondale Shopping Center is in a fantastic retail area," says Sanford Burstyn, a senior investment associate with Marcus & Millichap Real Estate Investment Brokerage Co., who represented the seller. HMC Enterprises did not have representation.
The center is located just across the street from a lot of new retail space including a Sam's Club, Home Depot and Ashley Furniture. "All of the retail, with the exception of Avondale, is new," Burstyn says. "They're paying rents north of $20 per sf, and Avondale's rents are way below market at $12 to $13 per sf."
Burstyn tells GlobeSt.com that HMC Enterprises purchased Avondale Shopping Center for its stable cash flow and upside potential. "It's just a really stable asset with tenants that are doing very well," he says.
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