Phoenix, Ariz. – Lee & Associates, the largest broker-owned commercial real estate firm in North America, announced that it has arranged a $3.725 million sale of the Fry’s Vineyard Shopping Center in Mesa, Arizona. Fry’s Vineyard is a 78,109-square-foot Fry’s Food and Drug anchored shopping center located at 542 west Baseline Road Mesa, Arizona. The adjacent shop building and outparcel building totaling 17,451-square-feet were included in the sale.
The sale was a collaborative effort for the Lee and Associates Arizona office. Jan Fincham and Andrew Lundahl represented the seller, Barclay Holdings LXV. Sean Bishop represented the buyer, DL Baseline LLLP.
“The sale of the Fry’s Vineyard Shopping Center is an excellent example of the Lee and Associates network opening up opportunities for our clients” said Jan Fincham, Principal of the Lee & Associates Arizona office.
The property was 69% occupied at closing with the majority of the tenants are credit and national quality. The property is situated on approximately on 2.06 acres just west of the northwest corner of Country Club & Baseline Roads. The property sits along the borders of Mesa, Gilbert, and Chandler and benefits from proximity to the US-60. The Country Club & Baseline intersection boasts traffic counts of over 75,000 VPD. The shopping center is home to tenants Fry’s Food and Drug (NAP), The UPS Store, Great Clips, Streets of New York and Subway.
“Fry’s Vineyard was attractive to many investors because of its strategic location in a densely populated area and it is adjacent to Fry’s Food and Drug, the number one sales volume grocer in Arizona” said Fincham. “The buyer was also attracted to the complementary mix of internet-resistant tenants providing grocery, service, retail, and fast casual dining.”
According to Fincham, the property is the beneficiary of a population of over 430,000 residents within a 5 mile radius which is one of the densest areas within the Greater Phoenix Metropolitan Area.
This sale represents another successful closing for the Retail Investment Sales Team at Lee & Associates led by Jan Fincham, amassing a total sales volume of over $525 million since the beginning of 2015 and nearly $40 million in the last 90 days alone. Fincham states that, “The market is particularly active right now, driven by the fact that yields produced by shopping center investments are significantly more attractive compared to what banks are paying investor’s for their deposits."
For more information contact Jan Fincham at 602-954-3754, Sean Bishop at 602-954-3774 or Andrew Lundahl at 602-385-3799.