Four Properties in Dynamic Phoenix Suburbs Attract Buyer
PHOENIX, ARIZONA – A four-property portfolio of retail assets located throughout the Greater Phoenix suburbs has been purchased by a publicly traded real estate investment trust. The properties offer a solid investment opportunity in rapidly expanding markets within one of the nation’s fastest growing metropolitan areas.
“Each of these properties offer a robust retail presence in high-growth areas of the expanding Metropolitan Phoenix market,” says Mindy Korth of Colliers in Arizona. “Investors are noticing as population immigration drives substantial energy to the area’s retail sector, especially in these suburban communities where corporations are expanding with attractive job opportunities.”
The four-property portfolio was purchased by an institutional investor of retail properties. The investor purchased the assets from Boros Investments Inc. Korth and JK Jackson of Colliers in Arizona handled the sale transaction.
The porfolio included the following assets:
- Chandler Center, 1245 W. Chandler Blvd. in Chandler, AZ
- Broadway Center, 1537 W. Broadway Rd. in Tempe, AZ
- Northsight Plaza, 15223 N. 87th St. in Scottsdale, AZ
- Shops at Power and Baseline – 6807 E. Baseline Rd. in Mesa, AZ
The four properties totaling 31,078 square feet of building area were 100% leased. Tenants included Starbucks, Dunkin’ Donuts, Banner Urgent Care, Smashburger, and other national and regional merchants. The centers are located on major thoroughfares within close proximity to well-populated residential areas and popular business corridors.