Thank you for sharing!

Your article was successfully shared with the contacts you provided.

For more retail coverage, click GlobeSt.com/RETAIL.

AVONDALE, AZ-HMC Enterprises of Rancho Sante Fe, CA, has beat out more than 12 other investors to acquire Avondale Shopping Center, a 46,008-sf, grocery-anchored center, for $5.5 million.

L&G Dysart LLC of Tempe, AZ, sold the 18-year-old center after rehabbing and repositioning it. The property, which is 100% leased to tenants including Food City, Goodwill Industries and Payless Shoe Source, is located at the southwest corner of Dysart Avenue and Van Buren Street.

“Avondale Shopping Center is in a fantastic retail area,” says Sanford Burstyn, a senior investment associate with Marcus & Millichap Real Estate Investment Brokerage Co., who represented the seller. HMC Enterprises did not have representation.

The center is located just across the street from a lot of new retail space including a Sam’s Club, Home Depot and Ashley Furniture. “All of the retail, with the exception of Avondale, is new,” Burstyn says. “They’re paying rents north of $20 per sf, and Avondale’s rents are way below market at $12 to $13 per sf.”

Burstyn tells GlobeSt.com that HMC Enterprises purchased Avondale Shopping Center for its stable cash flow and upside potential. “It’s just a really stable asset with tenants that are doing very well,” he says.

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


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.