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6/26/20
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A California-based 1031 exchange investor paid $9.2 mil for a large portion of Wigwam Creek Shopping Center, a 33.8k sf ($272/sf) center in Litchfield Park, AZ. The property, located at 13000 and 12958 W. Indian School Rd, was sold by a Colorado-based family office.
The center is 100% occupied by 17 tenants including Anytime Fitness, Baskin Robbins, Subway, Fantastic Sams, and Leslie’s Poolmart. The center also includes Albertsons, McDonalds, BBVA Bank, Circle K, and KFC, which were not a part of the transaction.
Built in 2002, Wigwam Creek Shopping Center is situated on 4.89 acres and totals 33.8k sf. It is located at the signalized intersections of W Indian School Rd and N Dysart Rd which sees more than 46,000 vehicles per day. It is also surrounded by seven schools with more than 50,000 students all within a one-mile radius of the property
SRS National Net Lease Group’s John Redfield and local leasing experts Ed Beeh and Alan Houston, along with Eric Diesch and Peter Sengelmann of Pinnacle Real Estate Advisors, represented the seller in the deal. The buyer was repped by Ninos Lazar of Investar Real Estate Specialists. The transaction closed at a 6.75% cap rate.
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