Fully Occupied Property Attracts Buyers with Location in Growing Phoenix Community
PHOENIX, (Nov. 13, 2023) – South Mountain Crossing, a neighborhood shopping center located at 3510-3648 W. Southern Ave. and 5806-5950 S. 35th Ave., has been sold to a California investor. The fully leased retail property is located in a high-growth neighborhood near the newly completed Loop 202 South Mountain Freeway.
“This asset attracted strong attention from the investor market,” says Mindy Korth, executive vice president of Colliers in Arizona. “The Laveen suburb of Greater Phoenix has benefited from strong population growth since completion of the Loop 202 South Mountain Freeway. The property’s winning combination of outstanding location and impressive tenancy appealed to prospective buyers from throughout the country.”
Korth and JK Jackson of Colliers in Arizona worked in conjunction with El Warner and Caitlin Zirpolo of Colliers in Irvine, CA to handle the sale transaction. Lamar Companies of Fairfield, NJ sold the retail center to ACP Management of Santa Ana, CA.
South Mountain Crossing, built in 2007, contains ±89,389 square feet of retail space situated on ±6.91 acres. It is part of a 200,000-square-foot community center that includes 15 businesses, medical facilities, and a charter school. Seven retailers occupy the subject property, including national entertainment, discount and fitness services. These businesses include SkyZone Trampoline Park, Goodwill and Kids Empire.
Situated at the northwest corner of 35th and Southern avenues, South Mountain Crossing is part of the Laveen Village area of Phoenix. This intersection serves as a retail focal point for the growing, family neighborhood. Historically, Laveen included dairy farms and agricultural properties. While Greater Phoenix grew west, the area became attractive to large employers and developers. As a result, the population has grown more than 60 percent since 2010.