X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PEORIA, AZ-A group of local investors has snatched up its seventh metro Phoenix property, paying $16.6 million in cash for the 110,367-sf Loop 101 & Peoria Supercenter in Peoria. The acquisition does not include 213,800 sf occupied by Home Depot and Kmart.

Jan Fincham and Patrick Dempsey, both of Phoenix-based Lee & Associates Arizona, represented the seller of record, Grace 91st LLC, led by W.M. Grace of Phoenix. Bob Jastrab of Realty Executives of Phoenix negotiated the acquisition for the buyer, Allied Trading & Transacting NV. Grace is a merchant builder who brought the project to market last year.

The center is situated at the southeast corner of Loop 101 and Peoria Avenue. Its tenant roster includes Staples, PetsMart, Greenbacks, Peter Piper Pizza and Big 5 Sporting Goods.

Fincham tells GlobeSt.com that he and Dempsey have been working on the sale of the building for nearly a year. The market has changed a lot in the process, he says, adding that it would not be easy to find a property like the super center in the current environment, where stabilized retail product has become a commodity. The lack of product, Fincham explains, is all part of a natural cycle. When development is slow, investors get into a buying mode because there is less competing product. When the development pipeline is hot, investors retreat fearing the onslaught of new product and its requisite problems for building owners.

Fincham says the development pipeline, which has been slow in Phoenix of late, will not pick up until the national economy does. But, the investment pipeline is sizzling: he has one retail and two office deals due to close in the next seven days.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.