{"id":1004180813,"date":"2017-06-16T09:34:40","date_gmt":"2017-06-16T17:34:40","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004180813"},"modified":"2022-12-07T08:14:31","modified_gmt":"2022-12-07T16:14:31","slug":"phoenix-area-shopping-center-sells-for-23m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/phoenix-area-shopping-center-sells-for-23m\/","title":{"rendered":"Phoenix-Area Shopping Center Fetches $23M"},"content":{"rendered":"<p>By Evelina Croitoru<\/p>\n<div id=\"attachment_1004180816\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Palm-Valley-Marketplace.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004180816\" data-attachment-id=\"1004180816\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/phoenix-area-shopping-center-sells-for-23m\/palm-valley-marketplace\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Palm-Valley-Marketplace.jpg\" data-orig-size=\"500,500\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Palm Valley Marketplace\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Palm-Valley-Marketplace.jpg?w=500\" class=\"wp-image-1004180816 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Palm-Valley-Marketplace.jpg\" alt=\"Palm Valley Marketplace\" width=\"300\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Palm-Valley-Marketplace.jpg 500w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Palm-Valley-Marketplace.jpg?resize=150,150 150w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Palm-Valley-Marketplace.jpg?resize=300,300 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004180816\" class=\"wp-caption-text\">Palm Valley Marketplace<\/p><\/div>\n<p>Sterling Org. has acquired Palm Valley Marketplace, a <a href=\"https:\/\/www.commercialsearch.com\/news\/pac-nabs-ga-grocery-anchored-shopping-center\/\">grocery-anchored shopping center<\/a> in Goodyear, Ariz., for $22.5 million. The asset was purchased from a subsidiary of Regency Centers on behalf of Sterling\u2019s institutional core fund, Sterling United Properties I LP. The deal marks the company&#8217;s first acquisition in the Phoenix market and is the seventh asset acquired in the western region in the past year and a half.<\/p>\n<h2>Investing for Strong Returns<\/h2>\n<p>Located at 14175 W. Indian School Road, the 107,633-square-foot shopping mall is anchored by Safeway, which is one of the property\u2019s original tenants. Additionally, the center hosts companies\u00a0such as The UPS Store, Nationwide Vision, GNC, FastFrame and Oreck.\u00a0 The building was completed in 1997 and extensively refurbished in 2013. The asset is situated roughly 17 miles away from downtown Phoenix, in an area with 70,000 people living within a three-mile radius, with the average annual household income of more than $150,000.<\/p>\n<p>\u201c<em>We anticipate that Palm Valley Marketplace will produce the consistent cash flow our investor partners signed up for when they invested in our Sterling United Properties vehicle<\/em>,\u201d Brian Kosoy, managing principal, president &amp; CEO of Sterling Org., said in prepared remarks.<\/p>\n<p>Michael Hackett and Ryan Schubert of Cushman &amp; Wakefield led the transaction team on behalf of Sterling.<\/p>\n<p><em>Image courtesy of Eisenberg Co.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sterling Org. acquired a 107,633-square-foot shopping center anchored by Safeway. The property&#8217;s high-profile tenants include The UPS Store, Nationwide Vision, GNC and FastFrame.<\/p>\n","protected":false},"author":1055,"featured_media":1004180816,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21742,1601,21749,15],"tags":[32799,33003,36215],"class_list":["post-1004180813","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-latest","category-phoenix","category-retail","category-west","tag-cushman-wakefield","tag-regency-centers-corporation","tag-sterling-organization"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Phoenix-Area Shopping Center Fetches $23M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/phoenix-area-shopping-center-sells-for-23m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Phoenix-Area Shopping Center Fetches $23M\" \/>\n<meta property=\"og:description\" content=\"Sterling Org. acquired a 107,633-square-foot shopping center anchored by Safeway. The property&#039;s high-profile tenants include The UPS Store, Nationwide Vision, GNC and FastFrame.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/phoenix-area-shopping-center-sells-for-23m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-06-16T17:34:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T16:14:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Palm-Valley-Marketplace.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Evelina Croitoru\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/phoenix-area-shopping-center-sells-for-23m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/phoenix-area-shopping-center-sells-for-23m\/\",\"name\":\"Phoenix-Area Shopping Center Fetches $23M - 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