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PHOENIX-After 10 years of amassing a class A retail portfolio, a local developer is putting the 11-property package with 1.5 million sf on the sales block for $330 million. The all-cash offering consists of neighborhood and power centers plus regional malls in the Greater Phoenix metro.

“The common theme in this is that they’ve either remodeled, redeveloped or re-tenanted these,” says Patrick Dempsey, a principal with locally based Lee & Associates Arizona, who’s teaming with colleagues Jan Fincham and Kevin Kopp to market the portfolio for PDG America. The call for offers is Aug. 31, with no one-offs as part of the consideration. The goal is to close the deal this year.

The marketing team has launched a nationwide campaign to put the package before REITs, institutional investors, off-shore investors and pension funds. The properties range from 20 years old to just built, with an overall 92% occupancy rate. Dempsey points out that 60% of the tenant mix are national credit retailers, with upside potential in every submarket as leases roll.

Dempsey tells GlobeSt.com that PDG America is bringing the centers to market to redeploy assets, but the seller has no intention of pulling out of Phoenix. “They’ve accumulated these properties over 10 years. Their intention is to continue developing and acquiring shopping centers throughout the greater Phoenix area,” he says. “They currently have many developments in various stages of progress.”

The Phoenix properties are the 69,680-sf Arcadia Towne Center at 4730 E. Indian School Rd.; 305,642-sf Bethany Towne Center at 6145 N. 35th Ave.; 174,273-sf Metro Power Center at 9620 N. Metro Parkway; 154,142-sf Moon Valley Towne Center at 801 E. Bell Rd.; 127,119-sf Park Northern at 3428 W. Northern Ave.; and 88,903-sf Shea Plaza at 3202 E. Shea Blvd.

The balance is the 34,701-sf Lone Mountain Landing at 4730 E. Lone Mountain Rd. in Cave Creek; 198,183-sf Sun Village Towne Center at 2075 N. Alma School Rd. in Chandler; 226,386-sf Peoria Station at 6811 N. 67th Ave. in Peoria; 199,727-sf Southern Sunset Plaza at 1342 S. Country Club Dr. in Mesa; and 86,122-sf Wesporte Village at 6621 W. Peoria Ave. in Glendale.

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