Grocery-anchored Center was 99% Leased at Time of Sale
PHOENIX, (Nov. 27, 2024) – El Monte Shopping Plaza, located at 8841 N 19th Ave. in Phoenix, has been sold to Lena Centers, a division of Longpoint - a Boston-based investor. The grocery-anchored shopping center was succesfully 99 percent leased by ASI Real Estate at the time of sale with 15 quality, destination-oriented tenants.
"El Monte was originally built as a grocery-anchored center in 1962," says Mindy Korth, executive vice president with Colliers. "Since then, for more than 60 years, the center has been continuously serving its community as a grocery-anchored center, maintaining excellent occupancy.”
Korth and JK Jackson with Colliers in Phoenix worked in conjunction with El Warner and Caitlin Zirpolo of Colliers in Irvine, CA to handle the sale.
The sale included ±101,269 square feet of retail space on an ±8.8 acre site. Built in 1962, El Monte Shopping Plaza has benefitted from a variety of renovations since its construction. Anchored by El Rancho Market IGA, a grocery store offering customers traditional and authentic Mexican and Hispanic groceries, including vegetables and produce, meats, spices, and canned goods, the center’s additional tenants include dd's DISCOUNTS, Shoe Palace, ArchWell Health, Cute Smiles dentistry, Cricket Wireless, and Baskin Robbins. El Monte boasts a synergistic and well-balanced tenant mix that meets the needs of its densely populated surrounding community.
Situated adjacent to the most-used light rail station in Metro Phoenix, El Monte Shopping Plaza has ±164,293 people living within a three-mile radius of the property. Approximately 85,000 vehicles drive by the retail center each day.
Longpoint is a real estate private equity firm with a vertically integrated platform that features regional teams in seven U.S. offices. The company's Lena Centers brand is committed to transforming grocery-anchored shopping centers into vibrant, culturally relevant gathering places.