PHOENIX-As part of a 1031 exchange, a Southern California investor has entered the region with the $5.6-million acquisition of Village Centre, a 45,125-sf retail property.
The shopping center at 1939-57 W. Dunlap Ave. was attractive to the purchaser, First Village Center LLC, because of its location. In addition, "it's a stabilized property, with a good mix of tenants, but not so big that it would be a worry to him," adds Ryan Schubert, a senior associate with Grubb & Ellis/BRE Commercial LLC's Phoenix office who, with Greg Valladao, represented the buyer. Cam Stanton of CB Richard Ellis Inc.'s local office negotiated for the seller, Village Shopping Center LLC of Phoenix.
The 95%-leased center was listed for $5.7 million. It local and national tenant mix includes BioMedical Application of Arizona, Subway, Enterprise Rent-a-Car, Domino's Pizza and Baum's Sporting Goods.
Schubert tells GlobeSt.com that the center, built in the 1980s on 4.96 acres, requires no renovations or improvements. The buyer, he adds, is looking for additional properties, but doesn't have anything under contract at present.
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