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10/12/18
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Sterling Organization purchased Union Plaza, a 98.7k sf, grocery-anchored shopping center in Phoenix, for $15.2 mil ($154/sf). The acquisition was funded with a $9.1 mil loan.
Union Plaza, located at 18402 North 19th Ave, has been anchored by Fry’s Food & Drug for the past 41 years. Other regional and national internet-resistant tenants include Ace Hardware, Union Hills Animal Hospital, Great Clips and US Armed Forces Recruiting. The property sits at the intersection of 19th Avenue and W. Union Hills Drive in the middle of a densely populated neighborhood, averaging almost 47,000 vehicles passing by each day.
Dana Summers, Shaun Moothart and Danielle Priore of CBRE facilitated the 10-year, interest-only financing for Sterling. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the seller.
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