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Sarofim Pays $16M for Retail Center

GLENDALE, AZ-Sarofim Realty Advisors makes second Phoenix area investment. Seller will use proceeds to help fund additional supermarket projects.

By John McCloud | Updated on March 17, 2009

GLENDALE, AZ-A company formed by Sarofim Realty Advisors in Dallas paid $15.5 million, or $155 per foot, to acquire a 72.5% controlling interest in a 99,718-square-foot retail plaza at 6700 W. Camelback Rd. in Glendale. The seller was a company formed by Michael Provenzano Sr. and Michael Provenzano Jr., the principals of Pro’s Ranch Markets of Ontario, CA, which retains the remaining 27.5% interest.

The plaza is approximately 95% occupied. The center is anchored by the 48,000-square-foot Phoenix Ranch Market, which Pro’s Ranch owns and operates. The Southern California company has a chain of 11 supermarkets in California, Arizona, New Mexico and Texas that cater primarily to a Hispanic clientele. It has five outlets in the Phoenix area, as well as a Mexican restaurant called Tradicciones.

The Provenzanos have indicated they plan to use the proceeds of the sale to develop additional supermarkets and supermarket-anchored retail centers, including two new markets in the Phoenix area. A 45,000-square-foot store is scheduled to open soon at the 132,000-square-foot Winsor Ranch Shopping Center at 35th Avenue and Glendale Avenue in Glendale. Zell Commercial Real Estate Services in Phoenix has the leasing assignment for both Glendale projects.

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