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May 24, 2018
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Arizona Mixed-Use Asset Trades for $34 Mil


Park West, a 46-acre, mixed-use center in Peoria, AZ, was purchased by San Diego-based CIRE Investments LLC for $34.45 mil. The property, located at the northwest corner of Loop 101 and Northern Ave, was sold by Park West LLC in partnership with The Howard Hughes Corporation of Dallas, TX.

Recently constructed and anchored by a 14-screen Harkins Theatre, Park West features entertainment, restaurants, traditional retail and service businesses. As an upscale destination in the West Valley, the center is home to tenants such as Flemings Steakhouse, BJís Brewhouse, Grimaldiís Pizza, Victoriaís Secret, Bath & Body Works, The Joint and Vivaldi Salon.

Located on the Peoria/Glendale border in Metro Phoenix, the property includes an additional 18 acres of development land. Excluded from the sale, but within the 74-acre Park West site, is Vue Park West, a luxury three-story multifamily community comprised of 260 units that is within walking distance to many retail, restaurant and entertainment options.

Greg Valladao, Brad Douglass, Chris Hollenbeck and Sean Lieb of Cushman & Wakefield represented the seller in the transaction.

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