GOODYEAR, AZ-A joint venture has purchased a 107,662-sf suburban retail center for $13.2 million. The buyer is Columbia Regency Retail Partners LLC, a joint venture of Regency Centers and an affiliate of the Oregon Public Employees Retirement Fund.
The Palm Valley acquisition is located in Goodyear, a suburb about 20 miles west of Phoenix. Safeway anchors the center, which also has tenants such as Tempe Paint, Decorator Center, Maverick Glass, Subway, Domino’s Pizza, GNC and Mail Boxes Etc.
Palm Valley shopping center is located at the southwest corner of Indian School and Litchfield roads. It is part of the 9,000-acre Palm Valley, a master-planned community developed by SunCor Development Co.
SunCor is a wholly owned subsidiary of Pinnacle West Corp., which also owns Arizona Public Service, the state’s largest energy provider. Under the sales agreement, SunCor will have limited management responsibilities of the Palm Valley center for two years.
The Phoenix office of CB Richard Ellis represented SunCor in the transaction.
Regency Center is one of the largest retail REITs in the country, with more than 266 retail properties totaling more than 28.8 million sf. The company looks to buy grocery-anchored retail centers in high-growth areas. And, says a company official, the REIT is scouting the Valley for other investment opportunities.