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TEXAS/SOUTHWEST NEWS
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Grocery-Anchored Center in the Phoenix Area Trades for $9 Mil

9/10/19

Ahwatukee Mercado, a 54k sf, grocery-anchored shopping center in Phoenix’s Ahwatukee Foothills Village district, sold for $9 mil, or $167/sf. The property, located at at 4623 and 4747 E. Elliot Rd, at the southwest corner of Elliot Rd and S. 48th St, was acquired by Los Angeles-based Westwood Financial LLC.

Ahwatukee Mercado is shadow-anchored by Safeway and is 64% leased to nationally-recognized and local food and beverage, lifestyle and service-based retailers, including H&R Block, Cactus Jack’s Bar & Grill, Great Clips and Subway.

The property benefits from strong household incomes in the immediate submarket, three points of access and proximity to residential and commercial density. There are more than 254,000 people in a five-mile radius with an average household income nearing $89k.

Jesse Goldsmith, Steve Julius and Chase Dorsett of CBRE in Phoenix and Philip Voorhees, John Eddy and Jimmy Slusher of CBRE represented the buyer and the seller, TPP 202 Ahwatukee, LLC c/o TriGate Capital, LLC of Dallas, in the transaction.

“Ahwatukee Mercado comprises a diverse and dynamic mix of internet-resistant retailers that generate consistent daily-trip traffic to the center,” said CBRE’s Goldsmith. “This, coupled with strong area demographics and the tremendous value that can be created through the lease up of the vacant space, drove significant interest to the property.”





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