PHOENIX—CBRE has completed the sale of the Phillips-Edison Fund IV Portfolio. The nine-property retail portfolio sold for $150 million and totals over 1.35 million square feet. It includes grocery-anchored Village Center in Phoenix.
Jesse Goldsmith and Steve Julius of CBRE in Phoenix, along with Christian Williams and Gleb Lvovich of CBRE's National Retail Investment Group, negotiated the sale between the seller, Cincinnati-based Phillips Edison Shopping Center Fund IV REIT, LLC and the buyer, Newquest-Epic Investments, LLC of Austin.
Arizona retail investment specialists, Jesse Goldsmith and Steve Julius focused heavily on the portfolios' Phoenix asset, the Village Center, located at 4304 E. Cactus Rd. in the Paradise Valley submarket. The 159,425-square-foot retail center is anchored by a Target and sits directly west of Paradise Valley Mall.
Goldsmith tells GlobeSt.com that Village Center was a major factor in the deal. It, along with a Portland asset, was one of two class A properties in the portfolio, which was established in 2009. The other properties consist of B,C and D class assets. The buyer will be making significant capital improvements to some of the properties.
“The Village Center has been a high-performing property since it was developed in 1986. I anticipate that center will only become more successful in the future. The property is highlighted by a high-performing Target store anchor on a below market ground lease,” says Goldsmith. “Village Center is a class A asset, which makes this offering unique as there is a lack of class A product currently on the market.”
The Phillips-Edison Fund IV Portfolio includes nine retail centers across six states. These include Village Center in Phoenix; Prairie Point and Glidden Crossing in Aurora and DeKalb, IL, respectively; Marketplace in Independence, MO; Deerfield Place and Plaza North in Omaha; Silver State in Sparks, NV; and Johnson Creek and Hermiston Plaza in Happy Valley and Hermiston, OR, respectively. Six of the properties are grocery anchored.
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