Crossroads Plaza. Picture courtesy of Colliers
California-based LBM Investments has acquired Crossroads Plaza, a 112,838-square-foot buying heart in Peoria, Ariz. Colliers brokered the $14.8 million deal on behalf of Ethan Christopher LLC, recognized by CommercialEdge as the vendor. Regal Properties represented the customer.
Colliers Govt Vice President Mindy Korth mentioned, in a ready assertion, that the acquisition of Crossroads Plaza marks the customer’s eighth acquisition within the Arizona market during the last 4 years. She added that the customer was drawn to the robust tenant combine, constant money move and potential for elevated income sooner or later.
Based on Matthews analysis, Phoenix’s retail property are drawing curiosity from out-of-state consumers, with California-based traders enjoying a big function in driving transaction exercise.
The identical supply exhibits that regardless of financial uncertainty, the metro’s retail sector has continued to thrive, due to the area’s robust native financial system and vital job and inhabitants development. The gross sales quantity reached a file excessive of $3.5 billion in 2022, indicating a robust yr for the Valley.
Robust leasing exercise at Crossroads Plaza
Crossroads Plaza got here on-line in 1987 at 6750 W. Peoria Ave., on a ten.7-acre website. CommercialEdge information exhibits that the property is topic to a $8.2 million mortgage from Wells Fargo Financial institution, set to mature in 2023. Greater than 91 % leased on the time of sale, the property’s roster encompasses 20 tenants, together with Harbor Freight, Greenback Tree and Goodwill, in addition to a spread of different eating places, service suppliers and merchandisers.
In ready remarks, Korth talked about that, simply because the asset was listed on the market, 4 new tenants had already signed leases on the property and 5 others had just lately renewed their contracts, two of them being lease expansions. She added that the property’s present hire charges are greater than 22 % beneath the market common, which places the middle in a positive place to generate substantial returns for the brand new proprietor.
Korth labored along with Colliers Vice Chair El Warner, in addition to Vice Presidents John Jackson and Caitlin Zirpolo, in arranging the deal on behalf of the vendor. Maha Odeh-Arnold, senior affiliate with Regal Properties, assisted the customer.
