GLENDALE, Arizona — Located at the northeast corner of 67th and Peoria Avenues, Brittany Square, a 49,004 square foot retail center, traded for the 3rd time in the past few years, represented each time by Nick Miner, CCIM of ORION Investment Real Estate. The shopping center has ample on-site parking on its 5.23 acres site. Brittany Square has an average of 50,600 vehicles passing through the signalized intersection of 67th & Peoria each day, which has attracted major retailers including Walmart Neighborhood Market, Starbucks, Chase Bank, Goodwill, O’Reilly Auto Parts, and Circle K.
Brittany Square sold for $6,300,000, or $129 per square foot, with 69% occupancy at close, and a 7.6% cap on actuals. The seller obtained the property in October of 2018 through Nick Miner, and has renegotiated several leases with tenants, extended and increased the occupancy and property value. They also sold off a portion of the property as a net leased investment (Federico’s Pad building) early in their ownership.
The buyer is purchasing the property to keep it as a long-term leased investment. They also have plans to occupy a portion of the property for their medical related business. This was a win-win for both groups. Nick Miner commented on the transaction, “This is the third time I’ve sold this property. Even with the uncertainty in the financial markets, transactions are still getting completed. This opportunity still worked before and will work after we get through the next few weeks relating to macro events.”
The transaction was negotiated by Nick Miner, CCIM of ORION Investment Real Estate, representing the seller and Tom Kolb of KW Commercial, representing the buyer.