Encino, CA-based Ethan Christopher LLC took ownership of the Bashas-anchored center at 731-751 E. Union Hills Dr. from Covington Asset Management of Scottsdale, which had repositioned the plaza after its former anchor, Mega Foods, went out of business. "It's pretty rare in today's market to acquire a property that includes the anchor," Steve Lindley, a vice president here for Dallas-based Trammell Crow Co., tells GlobeSt.com, noting that traditionally, shopping center sales normally include just the plaza's shadow space. "An anchored shopping plaza is a hot commodity in today's market."
The 105,389-sf plaza at the intersection of 7th Street and Union Hills Drive in North Phoenix drew interest from at least three prospective buyers during its three months on the market, Lindley says, but Ethan Christopher LLC came up with the best offer. The center is home to a Dairy Queen, Bridgestone/Firestone tire store and several small businesses.
It was the third metro-area acquisition for the California partnership, which also recently purchased the Grandview Shopping Center, a 90,849-sf plaza at 5802 W. Camelback Rd. and the 91,573-sf Cactus Crossing Shopping Center at 67th Avenue and Cactus Road, both in Glendale. The investment group also owns several medical buildings in Southern California.
Lindley, along with Trammell Crow vice presidents Bob Buckley and Tracy Cartledge and associates Greg Mayer and Todd Noel, represented the center's previous owner in the transaction. Ethan Christopher LLC was represented by Greg Valladeo with Grubb & Ellis Co.
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