PHOENIX-An investor based in Los Altos, CA, has acquired Tatum Point Shopping Center for $30 million.
The buyer, Tatum Venture LLC, purchased the 173,529-square-foot, Walmart-anchored neighborhood center from Scottsdale, AZ-based Tatum Point LP. The sale, which did not include the Walmart, represents one of the largest single shopping center trades in the Valley since 2008.
Situated on nearly 20 acres on the southwest corner of Tatum Boulevard and Bell Road, Tatum Point is leased to a mix of national and local tenants including: Petco, Subway, Rubio’s, Discount Tire Company, Wendy’s, H&R Block, Dunkin Donuts, Payless ShoeSource and Starbuck’s. The center also includes a 47,000-square-foot vacant space that was formerly occupied by Bashas’.
With the vacant Bashas’ box, the property is 68% leased. Excluding it, the property is 96% leased.
“This shopping center was the first major asset to come to market in a couple of years, and it generated a lot of interest,” says Michael Hackett with Cassidy Turley BRE Commercial’s Southwest Retail Investment Group. He brokered the sale, along with Ryan Schubert, Dan Salley and Cliff Johnston.
Hackett tells GlobeSt.com that Tatum Point received 22 offers. “Investors were especially interested in the upside offered through the lease-up of the former Bashas’ space,” he notes. “The property is so well located and well maintained that I don’t expect it will take the new owner very long to backfill the space.”
Tatum Venture LLC assumed a $10 million loan from Farm Bureau Insurance to acquire the property.
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