PHOENIX (August 22, 2018) – SRS Real Estate Partners announced today it has completed the $14.7 million sale of Laguna Village, a 102,033-square-foot neighborhood shopping center located at 5965 West Ray Road in Chandler, Ariz.
Sean Thomas, Vice President in SRS’ Phoenix office represented the buyer, a private investor from San Diego, the seller, a private investment group, was represented by Bernstein Murphy.
“I identified this asset for my client, a California-based buyer, who was looking for a cash-flowing asset to hold long-term within a strong demographic location,” said Thomas. “Laguna Village checked off all the boxes and provides a stabilized center that is poised to continue to appreciate as the greater Phoenix region experiences high population growth and a thriving job market.”
Laguna Village is 90 percent occupied and includes anchor tenant, Christ’s Church of the Valley as well as several neighborhood restaurants, health and wellness businesses, and consumer product shops. Walgreens and Natural Grocers, although not a part of the sale, are within the center and create a flow of crossover customer traffic for the center’s successful mix of retailers.
Built in 1988, Laguna Village is situated on approximately 17 acres at the southeast corner of Kyrene Road and Ray Road in the heart of the City of Chander. The propery is two miles from the I-10, Loop 202 and Loop 101
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 20 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 srsre.com.