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8/31/12
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Shopping center REIT Philips Edison-Arc has purchased an 83.6k sf portion of Broadway Plaza Shopping Center, a 464.9k sf multi-tenant retail asset located at 7701-7895 E Broadway Blvd in Tucson, AZ. The asset sold for $12.7 mil, or about $152/sf.
Developed in 1982, Broadway Plaza Shopping Center is shadow-anchored by Home Depot and Kohl’s. Tenants include Sprouts Grocery (dba Sunflower), PetSmart, Western Dental of Arizona Inc, Table Talk, Sunwest Federal Credit Union, 4 Branches Community, UPS Store, Premier Hearing, A to Z Vac ‘N Sew, Tae’s Tailoring, Tucson Jewel Box, La Mesa Tortillas, Lee Long's Foot Massage, Framing Plus, Med Tech Systems, La Baguette Parisienne, Dolce Vita, Premier Hearing Center, Farmers Insurance, Pantano Hair, Subway, Topline Nails, Bonjour Flowers, Allied Cash Advance, Go Wireless, Mattress Firm, Inc. and Carl's Jr. Restaurant. Occupancy at time of sale was 94 percent.
The buyer was represented by Sanford Burstyn, an investment specialist in Marcus & Millichap’s Phoenix office. The seller in the transaction was Larsen & Baker.
“Demand for well-located shopping centers continues to be strong, while cap rates continue to reflect the compressed interest rates,” says Burstyn. “An institutional investor acquired this portion of Broadway Plaza, which demonstrates the strength of the anchored multi-tenant sector,” he adds.
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