The transaction was part of a 1031 exchange. The seller of 1949 W. Ray Rd. was a group formed by Los Angeles investor Alfred Boas, who acquired the property in 2000 for $11.63 million from the Resolution Trust Corp.
Boardwalk at Anderson Springs is anchored by Sprouts Farmers Market, a Phoenix-based natural foods grocer with 25 stores in the western US. Other than a Blockbuster store and Arco gas station that occupy pads along the West Ray Road frontage, the tenants are primarily small local and regional operators. Dave Roger and Brian Ward with Retail Brokers Inc. in Scottsdale, AZ have the leasing assignment on the property.
According to Roger, there are two 2,000-sf spaces available, with triple net rents quoted at $22 per sf to $24 per sf annually. A national retailer has signed a letter of intent for one of the spaces.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.