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6/22/17
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Sterling Organization has purchased Palm Valley Marketplace, a 107.6k sf, grocery-anchored shopping center in Goodyear, AZ. The property was acquired from a subsidiary of Regency Centers for $22.45 mil ($209/sf).
Palm Valley Marketplace, originally constructed in 1996-1997 with an addition in 2000, is located at the southwest corner of West Indian School Rd and North Litchfield Rd, approximately 16.5 miles west of downtown Phoenix. Approximately 70,000 people live within a three-mile radius of the property, where the average annual household income is over $105,000.
The center is anchored by a highly productive Safeway grocery store. Safeway is one of the shopping center’s original tenants and the grocery store’s interior was renovated in 2013.
The property is also occupied by national and regional businesses including Subway, H&R Block, Domino’s Pizza, AAA, Great Clips, The UPS Store, Nationwide Vision, GNC, FastFrame, Oreck, Elements Massage and PurTone Hearing Centers.
“Palm Valley Marketplace is in an affluent trade area within the established master-planned residential communities of Palm Valley and Pebble Creek, and has exceptional access and visibility from the area’s two primary commercial thoroughfares,” noted Ed Senenman, Senior Managing Director of Investments and Portfolio Management for Sterling Organization.
The asset was purchased on behalf of Sterling Organization’s institutional core fund, Sterling United Properties I LP. The property is Palm Beach, FL-based Sterling Organization’s first acquisition in the Phoenix market, and its seventh asset in the western region of the United States in the past year and a half.
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