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Phoenix Power Center Trades in $65 Mil Deal

11/17/21

Arcadia Crossing, a 453.5k sf, grocery-anchored power center in Phoenix, was acquired by a Denver-based investment entity in a recent, $65.8 mil ($145/sf) transaction. The property, located at 44th Street & Thomas Rd, was sold by a Phoenix-based investor.

Situated on 44 acres, just three miles north of Phoenix Sky Harbor International Airport, Arcadia Crossing was 95% occupied at the close of escrow. It is anchored by Fry’s Food & Drug, Target, Burlington, Conn’s HomePlus, and Costco. Fry’s underwent a significant interior renovation in 2019. Other tenants include Ross Dress for Less, Petco and Five Below.

Chris Tramontano, John Redfield, Mike Polachek and Brian Polachek with SRS Real Estate Partners represented the seller in the deal. The buyer was represented by Pinnacle Real Estate Partners. SRS’ Mike Polachek and Brian Polachek are the leasing team for the asset.

“This sale demonstrates the growth and demand for high-quality, well-located assets in the Phoenix market,” said Redfield. “Arcadia Crossing is an extremely unique property whereby as a power center it also included Target and Kroger in the total leasable area. That coupled with the quality of the location, provided high demand for the sale and a great long-term investment opportunity for the new owner.”




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