Family Business Investor Plans for Tenancy Expansions and New Leasing
PHOENIX, August 21, 2023 – Plaza 32, an eight-building neighborhood shopping center at 3201-3335 E. Bell Rd. in Phoenix has been sold to a Utah investor for $31,300,000. The property features tenants and pad site businesses that include Esporta Fitness, Angry Crab Shack, Harbor Freight Tools, Banner Urgent Care, Denny’s and Dollar Tree.
“This retail center was purchased by a family business investor as a legacy for the owner to pass down to his two children,” says Kim Soule, senior vice president with Colliers in Arizona. “This buyer was seeking an asset offering value-add opportunities for capital improvements and increasing occupancy. The new owner is already entertaining expansions of existing tenants, as well as proposals from new tenants.”
Marni Retail Partners of Springdale, UT purchased the property and was represented by Kim Soule of Colliers in Arizona. The buyer is a developer and owner of hospitality products. Plaza de Campana, LLC, which has owned the property for 20+ years, sold the property and was represented by Steven Underwood and Chad Tiedeman with Phoenix Commercial Advisors. The buyer has contracted with Colliers in Arizona to handle management and leasing for the property.
Plaza 32 was built in phases between 1986 and 2004. The 15.97-acre property contains eight buildings totaling 173,303 square feet of space. Three of the buildings are situated fronting Bell Road, while the others are positioned along 32nd Street, 34th Street and Phelps Road.
The property is located less than a mile west of State Route 51 and across the street from a sizable multi-family community currently under construction. Esporta Fitness is the anchor tenant, and a quality mix of other businesses, shops, and restaurants comprise the remaining occupants. Plaza 32 was 81 percent leased at the time of the sale.