Investment Offering
Glendale, AZ - Glendale Galleria
5800 W. Peoria Ave | Glendale, AZ 85302
$15,062,000
Price8%
Cap Rate$1,204,951
NOI119,525
± SF Offering GLAInvestment Highlights
SRS is pleased to present the opportunity to acquire the fee simple interest (land & building) in Glendale Galleria, a fitness anchored neighborhood shopping center located in Glendale, AZ (Phoenix MSA). Glendale Galleria is anchored by LA Fitness and Sears Outlet (NASDAQ: SHOS), a completely separate company from the bankrupt Sears Holdings (NASDAQ: SHLD). The offering also includes 3 pad sites: a dual drive-thru Lenny’s Burger, TitleMax Title Loans, and a Lifeprints Childcare & Learning Center. In addition, there are 4 other NAP pad sites including Applebee’s, Arby’s, Francis & Sons Carwash, and Manuel’s Mexican Restaurant, which further promotes crossover shopping. The center is 84% occupied, offering an investor substantial upside through lease-up, while benefiting from one of the strongest fitness operators in the country, LA Fitness.
Location
Glendale Galleria is situated at the signalized, hard corner intersection of W. Peoria Ave and N. 59th Ave with a combined 58,000 vehicles passing by daily. The center is directly across from The Home Depot and is within close proximity to other national/credit tenants including Sprouts, Walmart Supercenter, Target, and more, which helps increase consumer traffic to the trade area. In addition, the asset is less than 1 mile from Glendale Community College (15,700 students) and 2.7 miles from both Banner Thunderbird Medical Center (555 beds) and Arizona State University West Campus (3,663 students), providing a direct consumer base to draw from. The 5-mile trade area is supported by a dense population of more than 431,500 residents and 148,000 employees. The immediate 1-mile trade area is supported by over $74,000 average household income.
Contact
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215