California-based Investor Acquires Project with 20 Tenants
Phoenix (November 19, 2024)—A family office has acquired Union Crossing, a retail center located at 4300-4410 W. Union Hills Dr. in Glendale. The plaza is anchored by Asiana Market, an ethnic-oriented grocer, and contains 18 additional tenants.
"Union Crossing is well-located in a densely populated, strong demographic community," says Mindy Korth, executive vice president with Colliers. "The shopping center has a significant, well-established presence in the area, with 65% of its tenants having been in their space for longer than 15 years."
Korth and JK Jackson of Colliers' Phoenix office collaborated with El Warner and Caitlin Zirpolo of Colliers in Irvine, CA, to handle the transaction. The family office purchased the property under the entity Union Crossing Shopping Center LLC. The seller was a private, Texas-based investor, Union Crossing LLC.
The shopping center contains ±79,044 square feet of retail space on an 8.58-acre site. The development was originally constructed in 1987 and underwent a significant remodel in 2017. Union Crossing is grocery-anchored, with 18 additional tenants that include restaurants, retail merchandisers, and personal and professional services.
The center offers appreciation opportunities to the buyer through leasing the six vacant spaces and growing the below-market rental rates over time.
Located at the northwest corner of 43rd Avenue and Union Hills Drive, Union Crossing is near Loop 101 and Interstate 17. The convenient location appeals to tenants like Asiana Market, which attracts regional customers.
