PHOENIX—Kyrene Village Shopping Center, a 161,000-square-foot center anchored by Walmart, has sold to Kyrene Shopping Center LLC of Delaware LLC, controlled by a Nevada-based trust. Arizona Partners was the seller. The list price was $20 million.  

Pooya Dayanim, managing director of Dayanim Acquisitions, a Beverly Hills-based real estate investment advisory group servicing high net-worth investors, represented the buyer. Reza Etedali of Reza Investment Group represented the seller in the transaction.

The asset is located on the northeast corner of Kyrene and Chandler Roads.

“It's a very busy intersection,” Dayanim tells GlobeSt.com. “There are approximately 800 apartments and homes in construction within close proximity and up to 400,000 square feet of industrial. The Walmart site used to house a Basha's and the buyer saw how much improved the center was with the Walmart—this was a big selling point. It holds 65% credit or seasoned tenants, which was also a draw, and the bowling alley was one of the original tenants and has been there since 1987.”

The asset is situated on 16 acres and enjoys close proximity to Intel, Honeywell and Chandler Fashion Village. The average household income in the area is $90,000 and the traffic count is 59,000 cars per day.

The buyer procured a 10-year fixed loan, with three years interest only from Jefferies LoanCore.