Fry's-Anchored Center Changes Hands

PHOENIX—ORION Investment Real Estate facilitated the sale of Sunburst Plaza in Glendale located at the Southwest corner of 43^rd Avenue and Bell Road in Glendale. The 103,000-square-foot shopping center sold for $9.3 million to Sunburst Station LLC, an entity affiliated with Phillips Edison & Company based in Cincinnati. The seller in the transaction was The Sunburst Plaza Company, LLC based in Beverly Hills.  The anchor tenant occupying Sunburst Plaza is a 56,000 square foot Fry’s Food Store (Kroger) that was originally developed in 1987. The grocery store has recently gone through an expansion and remodel over the last couple years in addition to adding a Fry’s fuel pump pad.

The transaction was negotiated by Nick Miner and Andrew Harrison of ORION Investment Real Estate based in Scottsdale.