Phoenix Retail Asset Changes Hands for $40M

Laveen Park Place. Image courtesy of Cushman & Wakefield

Tradewinds Capital LP has acquired Laveen Park Place, a 109,219-square-foot retail shopping center in Laveen, Ariz., for $40.3 million. Kitchell Corp. sold the Class A asset, according to CommercialEdge data, with the assistance of Cushman & Wakefield.

Laveen Park Place came online in two phases, in 2019 and 2022, on a 17.5-acre lot. Anchored by Sprouts Farmers Market, TJ Maxx and Michaels, the shopping center was fully leased at the time of sale.

Located at 7700 S. 59th Ave., the property is on the southeast corner of Loop 202 Freeway and Baseline Road, a high-traffic intersection where more than 60,000 vehicles pass the facility daily. Five multifamily developments, as well as 14 residential communities planned or under construction, are within a 3-mile radius, Ryan Schubert with Cushman & Wakefield said in prepared remarks. Shubert worked together with Michael Hackett in representing the seller.

Recovery from COVID-induced challenges on the retail sector has required an extensive consumer analysis and further reinvention. Some retail shifts include grocery stores remerchandising and reducing square footage, according to panelists at the NAREE 2022 Real Estate Journalism Conference.