PHOENIX—California-based Ethan Christopher acquired Union Hills Village, 18631 N 19th Ave., for $10.3 million. The seller was Costa Mesa, CA-based Donahue Schriber Realty Group, L.P.
Executive managing directors Ryan Schubert, Michael Hackett, Dan Wald and Matt Kircher with Cassidy Turley's Retail Capital Markets Group represented the seller.
Hackett tells GlobeSt.com., “The center was originally anchored by a Safeway, which has since vacated. There is some risk in a center with an anchor, but this is where the opportunity lies.”
Hackett explains that with a Fry's grocery store located on the southwest corner of the intersection and Safeway vacated, Union Hills Village actually becomes a more stable center.
“Phoenix is one of the most competitive grocery environments in the country,” Hackett says. “This is a good situation for the second generation tenants in the center. There has been a reduction in rent, the tenants will perform better and that in turn will bring in more traffic and help the other tenants. This is very solid for this type of asset—it's rare in the market.”
Built in 1987, Union Hills Village is a 110,188 square foot community center situated on 10.5 acres and is configured for multi-tenant retail use. The project is now anchored by Blast Fitness, Dollar General and other national tenants including Dunkin Donuts, Cost Cutters, Nationwide Vision, Subway and UPS Store. The property has excellent visibility along both Union Hills Drive and 19th Avenue in Phoenix. Union Hills Village was 86% occupied at the time of sale.
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