Pivot Bags Value-Add Retail for $10M
Retail may be a hot property type in Phoenix (as we noted last week), but the prize catch is value-add, Cushman & Wakefield SVP Dan Salley tells us.
"Value-add centers are in demand in the Phoenix market because of the upside from re-tenanting, renovating or expanding the center," Dan says. Not only that, they offer expansion opportunities. "Many times, renovations to existing centers includes adding additional shop space or creating new pads," the better to meet market demand for newer retail.
Phoenix-based Pivot recently acquired North Mountain Plaza at 3401-3431 W Thunderbird Rd in northwest Phoenix for more than $10M. The 95k SF property, dating from 1975, is anchored by a Fry's, though that store wasn't included in the deal. The property is 82% occupied, and Pivot says it plans to remodel it over an unspecified period. Dan, along with colleague Jack Wilson, repped the buyer, while CBRE's Carn Stanton repped the seller, CT Real Properties Finance IV.
