|Glenwood Development Company LLC recently purchased Willow Creek Village, a 165k sf shopping center anchored by Safeway in Prescott, AZ, for $13.1 mil ($79/sf). The property was sold by Columbus Pacific Properties, out of Santa Monica.
Located in the heart of Prescott on 15.26 acres at 1042-1048 Willow Creek Rd, the 97%-occupied shopping center includes Safeway, C-A-L Ranch Stores and Bealls Outlets, which together occupy 81% of the shopping center. Other tenants at the center, which was renovated in 2017, include Check Into Cash, Dunn-Edwards, Little Caesars, Snap Fitness and UPS Store.
With 25 stores in Idaho, Utah, Nevada and Arizona, C-A-L Ranch Stores offers farm and ranch supplies, western apparel and footwear, sporting goods, home décor, tools, pet and livestock supplies and hardware. Beall's Inc is the parent company of Bealls Outlet Stores, Inc. The corporation operates over 500 retail stores.
Willow Creek Village is located near Yavapai Regional Medical Center (with 206 beds and 1,400 employees), Prescott High School (1,600 students), Prescott YMCA, Walmart Supercenter, Big Lots! and other regional and national retailers. Prescott Municipal Airport, which is also nearby, offers direct flights from Los Angeles and Denver.
Kevin Fryman, Edward Hanley and Lee Csenar with Hanley Investment Group Real Estate Advisors represented Columbus Pacific Properties in the transaction. Glenwood Development Company LLC, from Mesa, AZ, was self-represented.
“Safeway has done very well in this location and has successfully operated at Willow Creek Village since 1996,” said Fryman. “In 2006, Safeway underwent a major renovation to the store and, in 2013, executed an early lease extension.”
“More than 80% of the shop tenants (2.6k sf or less) have operated in the center since at least 2010,” said Fryman. “Snap Fitness recently executed a lease in 2017 and Dunn-Edwards executed an extension to their lease in 2019, demonstrating continued leasing momentum at the center.”
Prescott metropolitan statistical area is Arizona’s third-largest MSA with nearly 232,000 people. Since 2000, there has been a 17% increase in population and 29% growth in the metro area. There are 20+ master-planned communities nearby that have been approved by the city and county.
Historic downtown Prescott draws over 500,000 people per year staying overnight in the 1,300 hotel rooms. Prescott Frontier Days draws 27,000 spectators per year for The World’s Oldest Rodeo, which celebrated 132 years this year.