Westwood Financial Sells Phoenix Shopping Center

Ahwatukee Mercado. Image courtesy of Westwood Financial

Westwood Financial has sold Ahwatukee Mercado, a 125,716-square-foot, grocery-anchored retail center in Phoenix. Public records show that Investment Concepts Inc. purchased the asset for $14 million. Westwood had acquired the property in 2019 for $9 million, according to CommercialEdge data.

Completed in 1985, Ahwatukee Mercado encompasses eight buildings spread across a 5.6-acre site, the same data provider shows. Shadow-anchored by a Safeway store, which was not included in the deal, the shopping center has a diverse mix of local, regional and national retailers, including Subway, H&R Block, Dogtopia, Great Clips and Biscuits Restaurants. The asset was 95 percent leased at the time of sale.

Featuring three points of access and proximity to Interstate 10, Ahwatukee Mercado is located at 4623 and 4747 E. Elliot Road, on the southwest corner of Elliot Road and South 48th Street. Downtown Phoenix is some 13 miles northwest.

At the end of 2022, Westwood purchased a 225,224-square-foot, grocery-anchored shopping center in Westminster, Colo. Shadow-anchored by a Super Target store, the property was 94 percent leased at the time of the acquisition.