For more retail coverage, click GlobeSt.com/RETAIL.
FOUNTAIN HILLS, AZ-Inland Western Retail Real Estate Trust Inc. has made yet another acquisition in the Valley, paying $31 million for 121,998 sf of the 305,827-sf Four Peaks Plaza. The Oak Brook, IL-based REIT purchased the portion from New Hyde Park, NY-based Kimco Realty Corp.
The four-year-old center, located at the southwest corner of Shea and Saguaro boulevards, is shadow-anchored by a 125,381-sf Target with a Walgreens and Discount Tire situated on nearby pad sites. The center, with 21 national and local tenants, is anchored by a 30,191-sf Ross Dress for Less. Inland Western's portion is fully occupied, but the total center has about 25,000 sf available. Other tenants are a 20,062-sf Dollar Tree; 12,300-sf Petco; 9,340-sf Pier 1 Imports; and 8,000-sf Famous Footwear.
The 75-acre Four Peaks Plaza is positioned in a fast growing, affluent part of the Valley. It sits at the northwest corner of 99th Avenue and McDowell Road near Interstate 10 and Loop 101.
The area's population is projected to grow 3.2% annually for the next four years. The present population is 27,178 in 11,223 households within a five-mile radius of the center, according to San Diego-based Claritas Inc. The average household annual income is $99,068.
In the past year, Inland Western has invested nearly $150 million in Arizona. It recently paid $68.8 million for 318,410 sf of the 620,000-sf Gateway Pavilion in Avondale.
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