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December 6, 2022
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Canadian Buyer Spends $40 Mil on AZ Retail Center

10/17/22

Laveen Park Place, a Class A, 109.2k sf retail shopping center in the Phoenix metro area, was acquired for $40.3 mil ($369/sf) by Tradewinds Capital LP, a private investor out of Alberta, Canada. The seller was LB 59th LLC, an entity formed by Phoenix-based Kitchell Corp.

The property, located at the southeast corner of Loop 202 and Baseline Rd in Laveen, is 100% leased, offering a strong, mostly national / credit tenant mix led by a brand new Sprouts Farmers Market, TJ Maxx and Michaels.

Laveen Park Place was built in phases between 2019 through 2022. The center sits on approximately 17.5 acres of land and is located just off the full diamond interchange at the Loop 202 Fwy and Baseline Rd, where over 60,000 vehicles pass the property daily. Just to the south of the property is Laveen Park Place, Phase II, where a Harkins Theatre is planned, along with other complimentary retail.

Michael Hackett and Ryan Schubert with Cushman & Wakefield in Phoenix represented the seller in the transaction.

“High quality, new construction and strong national tenant roster made Laveen Park Place a rare opportunity to acquire an exceptional grocery-anchored shopping center in a high growth freeway location,” said Schubert. “The area surrounding Laveen Park Place is experiencing tremendous growth. Within a three-mile radius there are fourteen residential communities planned or under construction and another five multi-family developments. In addition, there is significant industrial and office development in the pipeline.”





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