California Investor Acquires Well-Established Shopping Center in Growing Phoenix Suburb
PHOENIX, March 24, 2023 – Crossroads Plaza, a neighborhood shopping center located at 6750 W. Peoria Ave. in Peoria, AZ, has been sold for $14,750,000. A California-based private investor acquired the well-established center.
“Crossroads Plaza exemplifies the health and success of retail centers throughout Phoenix that have attracted investor interest,” says Mindy Korth, executive vice president with Colliers in Arizona. “As this asset came to market, four new tenants had just signed leases, and five others had recently renewed, including two expansions. More renewals and another new tenant committed to the property while the asset was under contract. The property rent roll has rates more than 22 percent below market on average, which positions the center to be a very productive investment for the new owner.”
Korth and John Jackson of Colliers in Arizona worked in conjunction with Caitlin Zirpolo and El Warner of Colliers in Irvine, CA, in representing the seller. A real estate firm from Encino, CA, sold the property to a La Jolla, CA, private investor. The buyer was represented by Maha Odeh Arnold of Regal Properties in San Diego, CA.
Crossroads Plaza was constructed in 1987 and contains ±112,838 square feet of building on 10.66 acres. The property was more than 91 percent leased at the time of sale. It is occupied by 20 tenants, including Harbor Freight, Dollar Tree, and Goodwill, along with an array of restaurants, professional services, and merchandisers. The newest tenants include LA Crab Shack, Ta’ Carbon Mexican Grill, Odyssey Martial Arts, and Iced Out Ice Cream Parlor.
“This marks the buyer’s eighth acquisition in the Arizona market during the past four years,” says Korth. “The established Peoria neighborhood offers outstanding demographics in a growing submarket of Greater Phoenix. The strong tenant mix, stable cash flow, and forecasted opportunity for enhanced revenue were very appealing to the buyer.”