In a recent AZ retail investment buy, a West Coast-based private investor purchased El Super Shopping Center, a 59.4k sf property in Phoenix, for $13.8 mil ($232/sf). Built in 2017, the property is located at 2211 W. Camelback Rd, just east of I-17.
The center is 100% occupied by 11 tenants including anchor tenant El Super, Subway, and a number of other neighborhood retailers. Additionally, although not a part, Wendy’s and Popeye’s Chicken are outparcels to the center, creating more consumer draw.
El Super Shopping Center is located on 6.41 acres along W. Camelback Rd, a major thoroughfare which sees more than 38,000 vehicles per day, and is just off Interstate 17. Grand Canyon University is just west of the property with more than 19,500 students. Overall the center is supported by approximately 500,000 consumers within a five-mile radius.
SRS’ Investment Properties Group Managing Principals Patrick Luther and Executive Vice President Ed Beeh represented the sellers, Phoenix-based De Rito Partners and Van Tuyl Group. SRS Managing Principal Matthew Mousavi repped the buyer in the deal.
“This property has done extremely well since it opened just two years ago as it met a demand for the tenant mix in its market,” said Luther. “Hispanic grocer El Super is an ideal anchor tenant for this property as the Hispanic population is more than half the demographic within the trade area.”