CRC Buys Phoenix Power Center for $54M
This deal marks the company's entrance in Arizona.
Continental Realty Corp. has entered the Arizona market with the purchase of Sundance Towne Center, a 203,525-square-foot regional power center in Buckeye, Ariz. CBRE represented the seller, Shin Yen Management, in the $54.3 million transaction.
Shin Yen had acquired the retail center back in 2015 from Vestar for $40 million, according to CommercialEdge data. In 2023, the property became subject to a $34 million loan originated by East West Bank.
The 2008-completed Sundance Towne Center encompasses 12 buildings spread across some 32 acres. The property was 94 percent leased at the time of sale.
Shadow-anchored by Walmart Supercenter and Lowe’s Home Improvement, the retail center features a diverse mix of regional and national retailers such as PetSmart, Boot Barn, Bealls Outlet, AutoZone, BMO Bank, Cracker Barrel, Dollar Tree, Dunn-Edwards Paints, Mattress Firm, KFC and Chipotle, among others.
READ ALSO: Retail’s Resilience Draws Private Capital Back
Located at 466 S. Watson Road, Sundance Towne Center is in an area where the daily traffic count reaches approximately 73,000 vehicles. The property serves more than 80,000 residents within a 5-mile radius, with an average household income of nearly $120,000, according to CRC.
CBRE’s Michael Hackett, Jimmy Slusher, Ryan Schubert and Zach Aulick negotiated on behalf of the seller.
Earlier this month, CRC purchased CityPlace Doral, a 235,000-square-foot grocery-anchored lifestyle and entertainment center in Doral, Fla.—a deal marking its entrance into the Miami-Dade County market. Since the beginning of 2021, the firm has acquired retail properties worth $900 million.
Phoenix’s retail scene
Fundamental tightness continues to define the Phoenix retail market, with limited availability and strong demand persisting. The store closings of last year offered other retailers the possibility to expand, however the average asking rent still fell 0.9 percent quarter-over-quarter, according to a first-quarter CBRE report.
Meanwhile, the metro’s vacancy rate clocked in at 5.6 percent, down 10 basis points over the quarter. Phoenix’s retail sector recorded 197,670 square feet of positive net absorption and saw about 55,989 square feet in completions, while approximately 1.2 million square feet were under construction at the time.
You must be logged in to post a comment.