Phoenix Investor Purchases Fully Occupied Center
AVONDALE, ARIZONA – Westwind Plaza Shops, located at 10555 and 10575 W. Indian School Rd. in Avondale, has been sold to a local investor. This marks only the third owner of the retail center since its construction in 2001.
“This sale serves as a great lesson in the importance of location, configuration and tenant mix to maintain full occupancy,” says Mindy Korth, executive vice president with Colliers in Arizona. “During the marketing and sales process, one tenant closed due to health issues and another downsized because of pandemic business slowdown. However, within 30 days both spaces were leased at higher rental rates than previously secured for those spaces. Then, just before closing, the center was brought to 100 percent leased status.”
E11even Investments Inc. of Phoenix purchased the property from Westwind Plaza LLC of Peoria, AZ. Korth and JK Jackson of Colliers in Arizona handled the sale transaction, in collaboration with Caitlin Zirpolo of the Colliers National Retail Investment Sales Team in Irvine, CA. The buyer was represented by Scott Isacksen of Cushman & Wakefield.
Westwind Plaza Shops was originally constructed in 2001. The two-building, neighborhood retail center contains 21,187 square feet of space that is fully leased to 15 tenants. These two buildings are part of a larger, five-building retail center that act like a “Village Square”. This center is centrally located in the dominant retail corridor of Avondale, at 107th Avenue and Indian School Road. Strategically located adjacent to a Fry’s-anchored center, the tenant mix at Westwind Plaza Shops includes a diverse group of businesses including a medical practice, game store, bakery and several restaurants. The densely populated neighborhood surrounding the property has fueled success for small shop owners.