Newport Beach, CA (May 23, 2019) – SRS Real Estate Partners’ Investment Properties Group has completed the $13.8 million sale of El Super Shopping Center, a 59,400-square-foot retail property located at 2211 W. Camelback Road in Phoenix. The center was built in 2017 and is 100 percent 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.
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 and SRS Managing Principal Matthew Mousavi represented the buyer, a West Coast-based private investor (not in a 1031 exchange).
“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.”
“SRS identified an ideal buyer who understood the intrinsic value of the center, its location, and the strong tenancy with a grocery anchor. El Super has been performing extremely well here and so has its overall brand and reputation,” added Mousavi. “De Rito Partners and Van Tuyl Group built and delivered another high quality, e-commerce resistant and fully occupied grocery anchored retail center that is ideally suited for the immediate trade area and demographics.”
El Super Shopping Center is located on 6.41 acres along W. Camelback Road, 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 and National Net Lease Group successfully completed more than 300 sales in 2018, across 35 states nationwide, and has over $1 billion in assets currently listed for sale.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 25 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit www.srsre.com.
SRS’ National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2018, the group completed more than 300 sales across more than 35 states and has over 50 NNLG professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsnnlg.com.