PHOENIX, AZ – SRS is pleased to announce the acquisition of Paradise Hills Shopping Center on behalf of their client Abington Emerson Investments. The 79,105-square-foot neighborhood center is located at the NWC of 32nd Street and Shea Boulevard, in the North 32nd revitalization district.
Paradise Hills has significant shop space upside potential and was purchased for $9.25 million ($117 PSF). As part of the acquisition, Abington Emerson plans to further redevelop the Ace Hardware anchored center.
“Abington Emerson is excited about the purchase of Paradise Hills,” said Brent Howard of Abington Emerson. “32nd Street is evolving, and with our redevelopment plans, we hope to make Paradise Hills the cornerstone of the 32nd Street corridor.”
Sean Thomas and Ed Beeh with SRS represented Abington Emerson in the transaction. Sanford Burstyn of Marcus & Millichap represented the seller.
Paradise Hills Shopping Center is located at the NWC of 32nd Street and Shea Boulevard in Phoenix. Tenants in the center include Ace Hardware, Youfit Health Club, Villa la Paws, A Second Look consignment, and local favorite 32 Shea Café.