GLENDALE, AZ—Following a string of multifamily and industrial transactions, retail joins the fray with two high-profile shopping centers recently changing hands. Both properties sold to institutional investment buyers.
A Fry's Food-anchored center, 51st & Olive Square, at 5116 W. Olive Ave. in Glendale, AZ sold for $9.25 million or $165.40 per square foot and Playa Del Norte, 555 N. Scottsdale Rd. in Tempe, AZ sold for $7.1 million or $617.44 per square foot.
At 51st & Olive Square, the buyer was 51 & Olive Station LLC of Cincinnati. The 88,225-square-foot retail center features a Fry's Food and Drug store, Fry's fuel station, Leslie's Pools, UPS Store and Papa Murphy's. There is also a vacant pad site available. This is a stable core investment that includes the top-ranked grocer in Phoenix. It is positioned in a dense trade area with 490,000 people within a five-mile radius, plus high traffic counts from both 51st and Olive Avenues. It is also within close proximity to Arizona State University/West campus and Glendale Community College. Lee & Associates principals Patrick Dempsey and Jan Fincham negotiated both sides of the transaction.
At Playa Del Norte, the buyer was Crow Holdings Capital Real Estate of Dallas. The 11,499-square-foot retail plaza features high-volume tenants such as Starbucks, Jersey Mike's, Wing Stop and T-Mobile. The freestanding multi-tenant center sits on 1.62 acres with 109 parking spaces or a ratio of 9.5 to 1,000. It is adjacent to Tempe Town Lake and near the Arizona State University Sun Devils stadium. Lee & Associates principals Dempsey, Fincham, Chris McClurg and Matt Fredrick co-listed and secured the buyer.
Dempsey tells GlobeSt.com: "These two retail properties represent exactly the kind of retail properties that investors are most interested in—neighborhood grocery shopping center anchored by the dominant grocer in the market, and strategically located street retail near concentrated employment center with a freeway location."
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
