Target-Anchored Retail Center near PV Mall Transacts for $24.8 Million

Area Map

Bob Parsons (YAM Properties) purchased the "Village Center" community shopping center at the northwest corner of Paradise Village Parkway and Cactus Road on Friday. The cash-only transaction totaled $24.8 million, or $156 per square foot. The asset was sold by Walton Street Capital. CBRE (Jesse Goldsmith, Steve Julius) represented both parties in this transaction.

Located across the street from Paradise Valley Mall, this nearly 160,000 square foot shopping center includes tenants such as Subway, Dollar Tree, Circle K, and Half Price Books. It was built in 1988 on 11.5 acres, and is within walking distance of two apartment complexes.

Vizzda subscribers: click here for the full report.

Would you like complete history, and contacts? Vizzda has it!

Contact us for more information.

        
Sponsored by:
 

Pacific West Land Acquires Vistancia Neighborhood Shopping Center

--> VIZZDA--October 29th, 2012 -- Bruce Galloway, CEO of Pacific West Land, has acquired two adjacent shopping centers in the Vistancia neighborhood from their original developer for $25.75m or $195.53 per ft². Pacific West Land paid $12.875m cash for the property and secured an additional $12.875m in debt with Meridian Bank. 

The larger of the two centers, both in terms of rentable square feet and acreage, is legally described as Lots 1-7 inclusive and Tract A of Vistancia Retail Subdivision, Parcel D9 and totals 94,119 ft² on 10.691 gross acres, zoned PCD. It is anchored by a 57,888 ft² Safeway and features 11,760 ft² inline retail in two buildings occupied by several full service restaurants and a Great Clips barber shop as well as four retail pads totaling 24,030 ft² and occupied by a Chase Bank and a Subway restaurant. The parcel has 320 parking spaces for a parking ratio of 3.39 per 1000 ft². 

The smaller of the two centers is legally described as Lots 1 and 2 of Vistancia Marketplace and totals 37,575 ft² on 7.53 gross acres, also zoned PCD. It is anchored by a 14,820 ft² Walgreen's Pharmacy and features two inline shells totaling 22,755 ft² as well as two undeveloped parcels. The parcel has 250 parking spaces for a parking ratio of 6.65 per 1000 ft². The two complexes have a total of 570 parking spaces and an aggregate parking ratio of 4.33 per 1000 ft². 

The land on which the neighborhood shopping centers sit was acquired by a Shea Homes/Sunbelt Holdings co-venture as part of the Vistancia development in 2001. On May 25th, 2007, the two parcels were transferred to a related entity and encumbered with $25.9m in new construction debt with California Bank and Trust. 

Paul Dionne
Director of Analytics
Vizzda