{"id":1004653866,"date":"2023-03-29T03:36:03","date_gmt":"2023-03-29T11:36:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004653866"},"modified":"2023-03-29T03:36:04","modified_gmt":"2023-03-29T11:36:04","slug":"lbm-investments-acquires-phoenix-area-retail-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lbm-investments-acquires-phoenix-area-retail-asset\/","title":{"rendered":"LBM Investments Acquires Phoenix-Area Retail Asset"},"content":{"rendered":"
\"Crossroads<\/a>

Crossroads Plaza. Image courtesy of Colliers<\/em><\/p><\/div>\n

California-based LBM Investments<\/strong> has acquired Crossroads Plaza, a 112,838-square-foot shopping center in Peoria, Ariz. Colliers<\/strong> brokered the $14.8 million deal on behalf of Ethan Christopher LLC<\/strong>, identified by CommercialEdge as the seller.\u00a0Regal Properties<\/strong> represented the buyer.<\/p>\n

Colliers Executive Vice President Mindy Korth said, in a prepared statement, that the purchase of Crossroads Plaza marks the buyer\u2019s eighth acquisition in the Arizona market over the last four years. She added that the buyer was drawn to the strong tenant mix, consistent cash flow and potential for increased revenue in the future<\/a>.<\/p>\n

According to Matthews<\/strong> research, Phoenix’s retail assets are drawing interest from out-of-state buyers, with California-based investors playing a significant role in driving transaction activity.<\/p>\n

The same source shows that despite economic uncertainty<\/a>, the metro’s retail sector has continued to thrive, thanks to the region’s strong local economy and significant job and population growth. The sales volume reached a record high of $3.5 billion in 2022, indicating a strong year for the Valley.<\/p>\n

Strong leasing activity at Crossroads Plaza<\/h2>\n

Crossroads Plaza came online in 1987 at 6750 W. Peoria Ave., on a 10.7-acre site. CommercialEdge data shows that the property is subject to a $8.2 million loan from Wells Fargo Bank<\/strong>, set to mature in 2023.\u00a0More than 91 percent leased at the time of sale, the property\u2019s roster encompasses 20 tenants, including Harbor Freight, Dollar Tree and Goodwill, as well as a range of other restaurants, service providers and merchandisers.<\/p>\n

In prepared remarks, Korth mentioned that, just as the asset was listed for sale, four new tenants had already signed leases at the property and five others had recently renewed their contracts, two of them being lease expansions. She added that the property’s current rent rates are more than 22 percent below the market average, which puts the center in a favorable position to generate substantial returns for the new owner.<\/p>\n

Korth worked together with Colliers Vice Chair El Warner, as well as Vice Presidents John Jackson and Caitlin Zirpolo, in arranging the deal on behalf of the seller. Maha Odeh-Arnold, senior associate with Regal Properties, assisted the buyer.<\/p>\n","protected":false},"excerpt":{"rendered":"

The property was 91 percent leased at the time of sale. <\/p>\n","protected":false},"author":3030,"featured_media":1004653867,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,1601,21749,15],"tags":[35498,35596,33215],"class_list":["post-1004653866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-phoenix","category-retail","category-west","tag-colliers","tag-matthews-real-estate-investment-services","tag-wells-fargo-bank"],"acf":[],"yoast_head":"\nLBM Investments Acquires Phoenix-Area Retail Asset - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"California-based LBM Investments has acquired Crossroads Plaza, a 112,838-square-foot shopping center in Peoria, Ariz.\" \/>\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\/lbm-investments-acquires-phoenix-area-retail-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LBM Investments Acquires Phoenix-Area Retail Asset\" \/>\n<meta property=\"og:description\" content=\"California-based LBM Investments has acquired Crossroads Plaza, a 112,838-square-foot shopping center in Peoria, Ariz.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/lbm-investments-acquires-phoenix-area-retail-asset\/\" \/>\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=\"2023-03-29T11:36:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-29T11:36:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/03\/Crossroads-Plaza.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1137\" \/>\n\t<meta property=\"og:image:height\" content=\"853\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Raluca Toma\" \/>\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\/lbm-investments-acquires-phoenix-area-retail-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/lbm-investments-acquires-phoenix-area-retail-asset\/\",\"name\":\"LBM Investments Acquires Phoenix-Area Retail Asset - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/lbm-investments-acquires-phoenix-area-retail-asset\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/lbm-investments-acquires-phoenix-area-retail-asset\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/03\/Crossroads-Plaza.jpg\",\"datePublished\":\"2023-03-29T11:36:03+00:00\",\"dateModified\":\"2023-03-29T11:36:04+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/1e908d9381f3929d1d57f95e4db8c529\"},\"description\":\"California-based LBM Investments has acquired Crossroads Plaza, a 112,838-square-foot shopping center in Peoria, Ariz.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/lbm-investments-acquires-phoenix-area-retail-asset\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/lbm-investments-acquires-phoenix-area-retail-asset\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/lbm-investments-acquires-phoenix-area-retail-asset\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/03\/Crossroads-Plaza.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/03\/Crossroads-Plaza.jpg\",\"width\":1137,\"height\":853,\"caption\":\"Crossroads Plaza. 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