Lee & Associates Team Brokers Two Retail Investment Deals for $27.4 Million

PHOENIX, AZ – July 11, 2013 – (RealEstateRama) — Two separate shopping center transactions have sold for a combined $27.4 million.

Anthem Marketplace, a 113,293 SF Safeway Food and Drug anchored neighborhood shopping center located in the prestigious master planned community of Anthem in north Phoenix was sold for $23.3 million. Price per square foot was calculated at $205.66.

The property, which is 89% occupied is located at the Southwest Corner of Anthem Way and Gavilan Parkway in Anthem. The center is anchored by Safeway Food and Drug, KinderCare, Leslie’s PoolMart, Subway, Papa Murphy’s, Edward Jones and State Farm.

Jan Fincham and Patrick Dempsey, Principals with Lee and Associates Arizona facilitated this transaction on behalf of Regency Centers, a Real Estate Investment Trust that own and operates over 345 retail shopping centers nationwide. The shopping center was purchased by Whitestone REIT as they add to their holdings in the Arizona marketplace. Whitestone owns, operates and redevelops community centered properties in Texas, Arizona and Illinois.

Fry’s Plaza is a 31,134 SF retail shopping center shadow anchored by a newly expanded and remodeled Fry’s Food and Drug and located at 3134 S. Mill Ave. in Tempe. The shopping center featuring national and regional tenants such as the UPS Store, Great Clips, Jackson-Hewitt and Hi-Health. It is currently 60% occupied and offers the new owner an excellent value add opportunity.

Both Fincham and Dempsey facilitated the sale of the property from L&G Mill, LLC of Tempe to Mill Plaza Investors, LLC of Scottsdale.

About Lee & Associates Arizona
Lee & Associates Arizona specializes in providing exceptional commercial brokerage services to the industrial, offi ce, land and investment sectors of the Phoenix commercial real estate market. The Phoenix offi ce was established in 1991 and is now recognized as one of the most successful brokerage fi rms in the state. Each of the 48 nationwide Lee & Associates offi ces has a strong local ownership combined with a powerful platform from the national Lee & Associates network.

For more information, contact: Jan Fincham (602) 954-3754
jfi ncham (at) leearizona (dot) com
Pat Dempsey (602) 954-3772
pdempsey (at) leearizona (dot) com