Bullhead, Ariz. — Faris Lee Investments has arranged the sale of a 52,944-square-foot retail property located within City Square Shopping Center in Bullhead. An undisclosed seller sold the property for $7.1 million. The name of the buyer was not released. The transaction included Smart & Final Extra! and Ashley Homestore, both of which are triple-net lease tenants. Chris DePierro of Faris Lee represented the seller in the deal.
Tucson, Ariz. — KeyBank Real Estate Capital has secured $11.4 million in acquisition financing for Rolling Hills Square, a 114,102-square-foot shopping center anchored by Fry’s grocery store in Tucson. The property includes six buildings and a vacant parcel. The financing, which was secured on behalf of Portal Investment Management, includes an initial funding of $9.8 million and a future funding of $1.6 million. The future funding will be used for tenant and capital improvement expenses as Portal Investment Management repositions the property. The loan is structured with a three-year, interest-only …
Tucson, Ariz. — An affiliate of Los Angeles-based Portal Investment Management has purchased Rolling Hills Square, a grocery-anchored shopping center located in Tucson. Cincinnati-based Phillips Edison & Co. sold the property for an undisclosed price. Situated on 12.3 acres at the southwest corner of Kolb and Golf Links roads, Rolling Hills Square features 114,102 square feet of retail space. At the time of sale, the property was 96.2 percent occupied with Fry’s Food & Drug as the anchor tenant. Michael Hackett and Run Schubert of Cushman & Wakefield in Phoenix …
San Diego and Phoenix — Realty Income Corp. (NYSE: O), a San Diego-based real estate investment trust active in the net lease sector, has agreed to acquire VEREIT (NYSE: VER), a Phoenix-based real estate investment trust in the single-tenant net lease sector. The all-stock transaction will create a combined company dominant in the net lease space with an enterprise value of approximately $50 billion, making it one of the largest real estate investment trusts. VEREIT shareholders will receive 0.705 shares of Realty Income stock for every share of VEREIT stock …
Mesa, Ariz. — Thompson Thrift Retail Group (TTRG) has acquired the first parcel of a 15-acre master-planned development in Mesa. When fully developed, the property will offer 95,000 square feet of retail space in a mix of freestanding and multi-tenant buildings. Whataburger, Backyard Taco, Black Rock Coffee and EOS Fitness have committed to the new project, the first phase of which is scheduled to open during the first quarter of 2022. At build-out, TTRG expects the development to have a total project cost in excess of $28 million.
Tempe, Ariz. — Circle K Stores Inc. has announced plans to sell 269 of its convenience stores across 29 states in the U.S. and 37 stores in Canada. The stores feature an average building size of 2,600 square feet and an average lot size of 29,500 square feet. Of the 306 locations, 122 are fee-owned and 184 are leased, while 238 properties sell fuel and 68 are convenience only. NRC Realty & Capital Advisors has been tapped to market the properties, which are being offered in packages grouped primarily by …
Phoenix — Macerich has completed the disposition of Paradise Valley Mall in Phoenix. A newly formed joint venture with an affiliate of RED Development acquired the property for $100 million. The buyer plans to redevelop the property as a 92-acre mixed-use project. The 1970s-era Paradise Valley Mall has been rezoned to allow for a mix of offerings, including high-end grocery, restaurants, multifamily residences, offices, retail space and other elements. The redevelopment will feature approximately 3.25 million square feet of non-residential uses and 3.25 million square feet of residential uses, totaling …
Chandler, Ariz. — Arizona-based Grossman/Robson Associates, a 40-year partnership between Grossman Company Properties and East State Street LP, has completed the disposition of The Park at Chandler, a grocery-anchored shopping center in Chandler. An undisclosed buyer acquired the center for $12.4 million. Located at the southwest corner of Alma School Road and Chandler Boulevard, The Park at Chandler features 111,532 square feet of retail space. At the time of sale, the property was fully occupied. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office represented the seller in …
Meza, Ariz. — Faris Lee Investments in partnership with XTEAM Velocity Retail Group, has arranged the $12.5 million sale of Augusta Ranch Marketplace, a Bashas’ grocery anchored center in the city of Mesa. Don MacLellan, Rick Chichester, Phil Ramming of Faris Lee Investments and Dave Cheatham, Darren Pitts and Eli Castronova at Velocity Retail Group represented the seller in the transaction. The Augusta Ranch Marketplace features a tenant line up with local operators and national brands. The center has a mix of grocery, food, daily needs, restaurant, QSR, medical and …
Phoenix — Sprouts Farmers Market has announced plans to open 20 stores in 2021. The Arizona-based grocer will open 10 stores in Florida. Future stores are also planned for Georgia, Colorado, California, Texas, Arizona and Nevada. Stores in Dania Beach, Florida; Grand Prairie, Texas; Phoenix; and Smyrna, Georgia; will offer Sprouts’ updated, smaller-format store layout, which averages 25,000 square feet. One store in Tustin, California, will also be remodeled this year with the new layout. Additionally, the company is set to open two local produce distribution centers this year in …
