The Shops at Arizona, a 35.7k sf Ace Hardware-anchored neighborhood shopping center in Anthem, AZ, sold for $5.075 mil, or $142/sf. The center, located at 3434 Anthem Way, is 88% occupied with a mix of daily needs, food service, and boutique retail tenants.
The Shops at Arizona, built in 2003, sits on approximately 6.68 acres. In addition to Ace Hardware, the tenant roster includes Coldwell Banker, Pizza Hut, Princess Nails, Shanghai Club and more.
West Anthem Way serves as a direct access road to Black Canyon Freeway/ Interstate 17, the primary north/south thoroughfare traveling into and out of Phoenix. More than 49,000 residents and nearly 10,000 employees support the trade property’s area.
Sean Thomas and Patrick R. Luther with SRS’ National Net Lease Group represented the seller, Abington Emerson, a private real estate investment company.
According to Thomas, Abington bought the property in mid-2017. At that point The Shops at Arizona was 30% occupied. They were able to stabilize the property by signing seven new leases in the last 15 months.