(For more retail coverage, click GlobeSt.com/RETAIL.)
SCOTTSDALE, AZ-The unanchored 35,083-sf Palo Verde Square on the highly desirable north side has changed hands, with an Encino, CA partnership putting up $8.6 million for the 91%-leased center.
The new owners, Aric Browne and Ethan Christopher, plan to lease the balance of the shopping center at 10953 N. Frank Lloyd Wright Blvd. and hold it long term, according to Sanford Burstyn senior investment associate and director of the national retail group for Marcus & Millichap Real Estate Investment Brokerage Co.'s Phoenix office.
Burstyn, the deal's sole broker, says the eight-year-old center has good upside potential. "The area is pretty much built out of retail so there are all kinds of barriers to entry there," Burstyn tells GlobeSt.com. "The barriers to entry are a formula for success. The location is absolutely fantastic."
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