FLAGSTAFF, AZ-PDC Community Centers LLC, an entity controlled by Chicago-based General Growth Properties Inc., sold the 91,810-square-foot Woodlands Village Shopping Center. Buyer CCA Acquisition LLC, an affiliate of Kornwasser Shopping Center Properties of Los Angeles, paid $17.2 million for the retail property and an outparcel pad.
Situated on 9.36 acres at 2600 Woodlands Village Dr., the shopping center is anchored by Basha’s. Additional tenants include with Payless Shoes, Boot Barn, Buffalo Wild Wings other shops and restaurants. Occupancy was 87.4% at the time of sale.
“The shopping center is located in the heart of Flagstaff and shadow-anchored by Wal-Mart,” comments Darren Pitts, executive vice president with Phoeni-based Velocity Retail Group in a press release. Pitts and Velocity colleague, Senior Vice President Ron Ault, represented General Growth, as did Ben Brown from Mountain West Retail/Investment.
“It is located in one of the two major shopping areas in town, with Kohl’s, Target, and Home Depot all nearby,” Pitts continues in his statement. “From a location standpoint, outside of being at the mall, this one is hard to beat.”