Plenty Of Buyers For Phoenix Neighborhood Retail
Retail might be having a tough 2017, but one could easily start a meme called #NotAllRetail. Neighborhood retail in particular is doing well, and owners of high-quality assets are finding a large pool of willing buyers.
LA-based Westwood Financial Corp., whose portfolio includes about $1.5B worth of shopping centers nationwide, recently sold the 29K SF Tatum Plaza in the Cave Creek submarket of Phoenix for more than $9.4M to a private investor, SWC 28th and Peoria Investors LLC.
Shadow-anchored by Fry’s Food & Drugs and nearly fully occupied, the center features a mix of 15 national and regional retailers, including Baskin-Robbins, Papa Murphy’s, Hi-Health and Glamour Nail Spa.
“Our niche strategy of investing in grocery-anchored, necessity retail centers enabled us to identify and deliver value for this asset,” Westwood Financial co-CEO Joe Dykstra said.
Westwood Financial initially acquired Tatum Plaza in January 2014.
“We recognized the potential of this center and submarket early on, and seized the opportunity to lease up the existing vacancies and diversify the center. In doing so, we were able to achieve competitive returns in a short period of time,” Dykstra said.
Location helps. Tatum Plaza is in the Tatum Ranch master planned community, and serves as the dominant neighborhood shopping center for residents and local businesses.
"Retail remains a viable asset class for investors, provided the center offers a high-quality tenant mix in a desirable location with strong demand drivers,” Westwood Financial co-CEO Randy Banchik said.
Both parties were repped by Ryan Schubert and Michael Hackett of Cushman & Wakefield.
