Carefree LLC, a partnership controlled by Los Angeles-based Westwood Financial Corp., has just closed on the 24,697-sf shopping plaza, located at the southeast corner of 48th Street and Carefree Highway in Phoenix, after finalizing arrangements with the Jacksonville, FL-based seller, Regency Centers LP.
"What attracted them to this property is what attracts all investors," Jan P. Fincham, principal with Lee & Associates, tells GlobeSt.com. "They like the high end, the spending power. Generally, when you have those demographics, you have tenants that prosper."
Built in 2002, the shopping plaza serves as shadow space to a Fry's grocery store and a Home Depot and lists among its fully-rented tenant roster notable franchises such as Starbucks, Metropolitan Mattress, Subway, Century 21, Pizza Hut and Wendy's.
Westwood Financial is the largest shopping center owner in the Valley with a portfolio that includes the Terra Vita Shopping Center at Scottsdale Road and Carefree Highway and the Sonoran Village shopping center at Frank Lloyd Wright and Pima Road, both in Scottsdale.
Fincham and Lee & Associates principal Patrick A. Dempsey began marketing the property in January. Fincham said it closed within 90 days. He and Dempsey represented both buyer and seller in the transaction.
"The retail property sector has been pretty healthy," said Fincham, who has two other shopping center closings pending within the next few weeks. "With over 38,000 new homes permitted annually (in Maricopa County) for the last five years, it is sustaining a lot of retail development.
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