June 27, 2019 – SRS Real Estate Partners’ Investment Properties Group has completed the $7.6 million acquisition of an 8,433-square-foot multi-tenant retail property that is an outparcel of Arrowhead Towne Center in Glendale, AZ. Situated on 1.37 acres at 7870 W. Bell Road, the asset is 100 percent leased by four tenants – The Habit Burger Grill, Tempur-Pedic, Pearle Vision, and Blaze Pizza.
SRS Real Estate Partners’ Investment/ Properties Group Executive Vice President Rich Walter, Senior Vice PresidentPat Kent and Associate Parker Walter represented the buyer, a Newport Beach, CA-based private investor who was in a 1031 exchange. The seller was an Indiana-based developer. The closing cap rate was 6.25 percent.
“SRS successfully represented the buyer in this upleg of a 1031 exchange and previously represented them in the downleg of the 1031 with the sale of a fully depreciated property in Los Angeles County,” said Rich Walter. “We exceeded our client’s expectations by increasing cash flow and exchanging into a Class A, generational asset in a growing Phoenix-area market.”
Kent added, “SRS also handled the financing for the buyer from start to finish, securing long-term financing with favorable loan terms.”
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 million square feet 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.