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PHOENIX-A local investment group has spent $1.2 million for the Bethany Village Shops, a strip center owned by a family trust since 1954.

The 2501 Hayden LLC, a limited liability company based in Scottsdale, has bought the center from the Foltz Family Trust of Avondale. The 14,700-sf strip center is located at 6025-6041 N. 7th St. The sale price equates to approximately $81.50 per sf. Broker Sanford Burstyn of the Phoenix office of Marcus & Millichap has represented the principals in the transaction.

The Bethany Village Shops are situated at the northeast corner of Bethany Home Road and 7th Street. Enclaves of some of the nicest homes in the central Phoenix area surround the intersection. Paradise Valley, the most upscale residential suburb in the Valley, is two miles to the east of the strip center.

The vacancy rate for retail property in the area is approximately 4.15% in comparison to nearly 6% Valleywide. Despite the high demand, almost no new retail space is under construction in the area whereas just 40,000 sf had been under construction at the start of the year.

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