PHOENIX-CBRE brokers Mindy Korth and Barry Gabel represented the sellers of grocery anchored centers in two separate transactions. On the sales block were the 76,835-square-foot Asiana Market and the 93,444-square-foot 8th Avenue Shops.
The buyer of Union Crossing was Eleven Investments LLC of Fargo, ND, represented by Matt Olsen of Property Resources Group. Union Crossing, anchored by Asiana Market, is at 4330-4410 W. Union Hills Dr. The 1987-built retail center was 72% occupied at the time of sale.
Across town, a private investor from California acquired the 8th Avenue Shops, located at 808-856 S. Alma School Rd. in Mesa, AZ. The buyer was represented by Mary Ridberg and Rommie Mojahed of Sperry Van Ness. The property is anchored by Food City, a subsidiary of Basha’s supermarkets. Other tenants include Family Dollar, Chuck E. Cheese’s and Sunrise Preschool. The 8th Avenue Shops was also built in 1987 and was 79% leased at the time of sale.
”Grocers remain a stable source of income and foot traffic throughout all types of market conditions,” comments CBRE’s Korth in a release discussing the transaction. “Both of these grocery-anchored centers offered stability from key anchor tenancy, along with vacancy that provides excellent upside as the market continues to recover. Overall, retail investment sales in 2012 were considerably higher than recent years.”