Exchange Investor Spends Over $900/sf for AZ Retail Asset

Originally Published: Real Estate News Television

An 8.4k sf, multi-tenant retail property in Glendale, AZ sold for $7.6 mil, or $905/sf. Situated on 1.37 acres at 7870 W. Bell Rd, the asset is 100% leased by four tenants – The Habit Burger Grill, Tempur-Pedic, Pearle Vision, and Blaze Pizza. It is an outparcel to Arrowhead Towne Center.

Built in 2017, the property is situated on a busy signalized intersection and is one-half mile from Loop 101. The property benefits from Arrowhead Towne Center which totals approximately 1.2 msf and is the highest volume regional mall in the state of Arizona with major tenants including AMC Theatres, Dick’s Sporting Goods, Dillard’s, JCPenney, and Macy’s among others.

Rich Walter, Pat Kent and Parker Walter with SRS Real Estate Partners’ Investment Properties Group represented the buyer, a Newport Beach-based private investor who was in a 1031 exchange. Bill Asher and Jeff Lefko with Hanley Investment Group Real Estate Advisors represented the seller, ECC Bell Road Property LLC, based in Indianapolis. The closing cap rate was 6.25%.