Hanley Investment Group Negotiates Sale of 100,486-Square-Foot Safeway-Anchored Center in Arizona

by Alex Tostado

Page, Ariz. — Hanley Investment Group has negotiated the sale of Safeway Center at Lake Powell, a shopping center located at 608 Elm St. in Page. Cincinnati-based Phillips Edison & Co. sold the asset to a private investor from Beverly Hills, California, for an undisclosed price. Safeway anchors the 100,486-square-foot shopping center, which was 93 percent occupied at the time of sale. Other tenants include Stage Stores, Dollar Tree, Hibbett Sports, Verizon Wireless, Domino’s, Subway, Allied Cash Advance, H&R Block and Wells Fargo ATM. The property was built in 1986 and renovated in 1990. Hanley Investment Real Estate Advisors represented the seller, while Kalen Rickard of Phoenix-based Western Retail Advisors represented the buyer.

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