SURPRISE, AZ-A little more than two years after acquiring the 27,205-square-foot Village at Surprise, Pacific West Land, operating under the entity name PWDAF Bell and Litchfield LLC, sold the property to Kierland Village Center LLC. The Bainbridge Island, WA-based seller walked away from the deal with a little more than $6 million in its bank account.
Built in 2004, the Village at Surprise is leased to a diverse mix of tenants, including Sears Appliance, Payless Shoes, NYPD Pizza, H&R Block and Edible Arrangements. The balance of the center, which was not included in the sale, is anchored by a Kohl's department store, M&I bank and a Diamond Shamrock gas station.
“Since acquiring the property, the seller has added tremendous value, raising occupancy from 64% to more than 95%,” says Bob Young with CBRE, who partnered with colleagues Glenn Smigiel, Steve Brabant and Rick Abraham on behalf of the seller. GDC/RE was the listing broker that helped boost occupancy, and still has the listing.
“We received numerous offers on the Village at Surprise, which proves that investors are hungry for well-positioned, stabilized retail assets in the Phoenix area,” Young adds. The buyer was represented by Ryan Schubert and Michael Hackett of Cassidy Turley.
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