PHOENIX, Arizona – Sunbelt Investments Holdings Inc. (SIHI) acquired the Queen Creek District shopping center on Thursday, August 16 for $44.52 million ($392 PSF), marking its latest investment in Metro Phoenix and adding to its more than 2,600 acres owned across the Valley.
The seller was the original developer, Thompson Thrift Development Inc. The sale was brokered by Steven Underwood and Chad Tiedeman of Phoenix Commercial Advisors, who represented both the buyer and the seller.
Located at the southeast corner of Rittenhouse Road and Ellsworth Loop, the shopping center was built in 2016 and totals 113,454-square-feet. It is currently 100-percent leased and is anchored by Sprouts Farmers Market and Home Goods.
“SIHI has significant land holdings in the Ellsworth Road Corridor in Mesa and this shopping center is nearby our land sites,” said Todd Holzer, president at SIHI. “We like this area of the metro due to its population growth and major assets such as the Mesa Gateway Airport.”
SIHI recently purchased 93-acres at the southwest corner of Bell Road and 19th Avenue from the State of Arizona to develop a business park. In addition, the company recently purchased 305-acres within the PV303 industrial park in Goodyear for future warehouse and distribution uses. In total, SIHI now owns over 2,600 acres in the Valley.
“Sunbelt owns more than 1,100 acres in eight different land parcels north of this shopping center in Southeast Mesa,” added Holzer. “Sunbelt is continuing to look for more land purchases and will consider purchasing additional grocery anchored shopping centers in the Phoenix Metro area.”
San Diego-based Sunbelt Investment Holdings Inc. (SIHI) is a family-owned and privately held real estate business that owns, manages, and develops high quality commercial real estate assets utilizing a long-term ownership perspective. Entry into U.S. retail investment occurred in 1975 and currently SIHI owns 22 centers approaching 4-million-square-feet. For more than 40 years, SIHI’s core holdings of neighborhood and power shopping centers have marked the crossroads of retail commerce throughout the Southwest. The company actively seeks to acquire new properties and development opportunities in Arizona and California.