Arcadia Towne Heart. Picture courtesy of Whitestone REIT
Whitestone REIT has acquired Arcadia Towne Heart, a 70,000-square-foot procuring heart in Phoenix’s Arcadia neighborhood, $25.3 million. The vendor was LNR Companions, in keeping with CommercialEdge information.
Safeway, which shadow-anchors the property, was not included within the deal. Whitestone expects to finance this acquisition by utilizing proceeds generated from its 2023 tendencies.
Arcadia Towne Heart got here on-line in 1966 at 4730 E. Indian College Street, the identical information supplier reveals. The property’s tenant roster consists of CVS, Tutor Time, Mathnasium, Over Simple, Sole Sports activities and Pluff and Fluff Grooming.
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The property is roughly 10 miles from downtown Phoenix, in a dense retail hall. The procuring heart’s site visitors is fueled by the close by neighborhoods, the place the common family earnings inside a 1-mile radius is $165,000, and by the presence of roughly 1,500 college students on the close by Arcadia Excessive College.
Retail transactions surpass 166 million in Larger Phoenix
The mixed space of retail stock within the Larger Phoenix area exceeded 189 million sq. ft by the top of the primary quarter, in keeping with an Avison Younger report. The emptiness charges for retail properties in Phoenix continued their decline in all submarkets, leading to an general lower of 30 foundation factors from 5.9 p.c within the final quarter of 2022, the identical supply reveals.
On the similar time, funding gross sales within the first quarter skilled a slowdown in comparison with historic highs. A complete of 28 transactions have closed throughout this era, amounting to $166.2 million.
