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8/31/18
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Sterling Organization has acquired Union Plaza, a grocery-anchored shopping center in Phoenix for $15.2 mil ($154/sf) in an off-market transaction. The property, located at the intersection of W. Union Hills Dr and N. 19th Ave, was sold by a private investor on behalf of Sterling Organization’s institutional grocery-anchored shopping center core fund, Sterling United Properties I, LP (“SUP I”).
The 98.7k sf shopping center was built in 1977 and is anchored by a 56.6k sf Fry’s Food & Drug, the No. 1 grocer by market share in the Phoenix MSA. Other tenants at the property include junior anchor Ace Hardware, Great Clips, Little Caesar’s Pizza, H&R Block and Cricket Wireless. The property is currently 99% occupied.
“Sterling was attracted to this investment opportunity for our SUP I fund due to its strong real estate fundamentals and location at a highly trafficked intersection in a densely populated submarket with approximately 140,000 people in a three-mile radius,” said Ed Senenman, Senior Managing Director of Investments and Portfolio Management for Sterling Organization. “Fry’s Food & Drug, a division of Kroger, is the leading grocer in the Phoenix MSA and the Union Plaza store’s sales volume and health ratio are both particularly strong.”
The property is Palm Beach, FL-based Sterling Organization’s second property in Phoenix after having acquired Palm Valley Marketplace in Goodyear, AZ, in June of 2017. Sterling, which opened an office in Los Angeles less than three years ago, now owns nine properties in the western United States. From coast to coast, the firm and its principals own approximately 10 msf of retail and other commercial real estate approaching $2 bil in value.
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