SunCor Development Co. is the seller of the 107,600-sf center, positioned on the southwest corner of Indian School and Litchfield roads in Goodyear, a suburb about 15 miles west of downtown Phoenix. The retail facility, purchased as an investment, is 96% occupied.
Palm Valley Marketplace is near some of the most upscale residential communities in the southwest Valley, including Palm Valley and Tuscany. The Wigwam Resort, one of the top-rated resorts in the region, is less than a mile to the north. The Safeway-anchored center is the dominant player of its product type in the Goodyear area.
Seller SunCor is a subsidiary of Pinnacle West Capital Corp., which owns the Arizona Public Service, one of the state's largest public utilities. SunCor developed the Palm Valley Marketplace several years ago. The Phoenix office of CB Richard Ellis, with brokers Bob Young, Glenn Smigiel, Steven Brabant, Rick Abraham, Judi Butterworth and Greg Abbott, represented the SunCor in the transaction. Columbia Regency used in-house representation.
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