Passco Ponies Up $20M for 56,747 SF of Retail

LAVEEN, AZ-Passco Cos. LLC has paid $20 million to Weingarten Realty for the just-completed 56,747-sf second phase of the 197,689-sf Laveen Village Marketplace. The second phase is anchored by Petco Animal Supplies Stores Inc.

The 140,942-sf first phase, anchored by a Fry’s Food and Drug Stores, was not part of the transaction. Nonetheless, the Fry’s was a powerful incentive for buyers. “Fry’s is the prominent grocery store in Phoenix and obviously a huge draw,” Gary Goodman, Passco’s senior vice president of acquisitions, says about the property at 5240 W. Baseline Rd. He tells GlobeSt.com that Fry’s has a long-term lease with Houston-based Weingarten, which is retaining ownership of the 100%-leased first phase.

Passco’s new buy is 97% leased, with the roster including Dollar Tree Stores Inc., Pizza Hut Inc. and Applebee’s International Inc. In addition, there is an adjacent Home Depot Inc. There 1,717 sf is still vacant, but Goodman says negotiations are underway with a tenant–and the space should be leased shortly.