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10/26/18
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Parkway Village, a 16.6k sf shopping center in Goodyear, AZ, was purchased for $2 mil ($120/sf) by Simplified Properties, a NNN leased investment group. The property is located at 15605, and 15633 West Roosevelt St.
This was an off-market, value-add retail sale in a fast-developing part of Phoenix’s West Valley. Due to the vacancy, the buyer secured short-term seller financing with the intent to refinance quickly. Two lease letters of intent were generated during the due diligence, and the buyer plans to spec build two additional vanilla shell suites. There is also an opportunity for a sale or build-to-suit on a 49k sf pad included on the property.
Jenette Bennett, CCIM, with Kidder Mathews represented the seller, Parkway Village Partners LLC, in the transaction. According to Bennett, this property is in a strong retail corridor, near I-10 and across from Wal-Mart, with current leasing activity, so the prospect of bringing it to 100% occupancy is high.
Goodyear, AZ is the sixth fastest growing city in the nation. Contributing to this is its I-10 location and its proximity to Los Angeles, making it a hub of industrial development. Remaining vacancy throughout the city is being leased quickly, and new developments are under construction, leading to increased lease rates and future investment sales.
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