GLENDALE, AZ—Following a string of multifamily and industrialtransactions, retail joins the fray with two high-profile shoppingcenters recently changing hands. Both properties sold toinstitutional investment buyers.
A Fry's Food-anchored center, 51st& Olive Square, at 5116 W. Olive Ave. in Glendale, AZsold for $9.25 million or $165.40 per square foot and PlayaDel Norte, 555 N. Scottsdale Rd. in Tempe, AZ sold for$7.1 million or $617.44 per square foot.
At 51st & Olive Square, the buyer was 51 & OliveStation LLC of Cincinnati. The 88,225-square-foot retailcenter features a Fry's Food and Drug store, Fry's fuel station,Leslie's Pools, UPS Store andPapa Murphy's. There is also a vacant pad siteavailable. This is a stable core investment that includes thetop-ranked grocer in Phoenix. It is positioned in a dense tradearea with 490,000 people within a five-mile radius, plus hightraffic counts from both 51st and Olive Avenues. It isalso within close proximity to Arizona StateUniversity/West campus and Glendale CommunityCollege. Lee & Associates principalsPatrick Dempsey and Jan Finchamnegotiated both sides of the transaction.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
