Palm Valley Pavilions West was inbuilt 1994. Picture courtesy of Vestar
RA Facilities has bought Palm Valley Pavilions West, a 232,573-square-foot energy retail middle in Goodyear, Ariz. The brand new proprietor chosen Vestar because the supervisor for the procuring middle, which was 99 p.c leased on the time of the sale.
Cushman & Wakefield brokered the transaction, with Govt Managing Administrators Michael Hackett and Ryan Schubert engaged on behalf of the vendor.
Pine Tree bought the asset, in accordance with CommercialEdge knowledge. The identical supply exhibits that Pine Tree acquired the property again in 2018 for $44.8 million, with Allianz Insurance coverage Co. offering a $29.9 million mortgage.
Positioned at 1400 N. Litchfield Street, the ability middle is inside one of many quickest rising areas of the Better Phoenix metro. Palm Valley Pavilions West is close to Interstate 10, which supplies direct entry to downtown Phoenix.
Accomplished in 1994, Palm Valley Pavilions West contains 5 buildings on 25.4 acres. Anchored by Ross Costume for Much less, Greatest Purchase, Complete Wine & Extra, Ulta and Barnes & Noble, the property additionally includes a various mixture of regional and nationwide tenants comparable to Bathtub & Physique Works, Well-known Footwear, Kirkland’s, Sundown Spa & Swimming pools, 5 Beneath, Wendy’s, Subway, Chipotle and First Credit score Union.
Palm Valley Pavilions West represents the nineteenth property managed by Vestar in Arizona. The corporate operates a complete of 63 procuring facilities totaling greater than 30 million sq. ft throughout the western U.S. Vestar and DMB Associates have lately landed six anchor tenants at a 512,000-square-foot future procuring middle in Buckeye, Ariz.
