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8/27/20
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Safeway Center at Lake Powell, a 100.5k sf Safeway-anchored shopping center in Coconino County, AZ, was acquired by a Beverly Hills-based 1031 exchange buyer with a portfolio of properties in Arizona. The property was sold by Phillips Edison & Company Inc, based in Cincinnati, OH.
The 8.56-acre shopping center is located at 608 Elm St, off U.S. Hwy 89, the major Utah/Arizona thoroughfare, and Lake Powell Blvd, in the city of Page. Safeway Center is anchored by Safeway grocery store and includes Stage Stores, Dollar Tree, Hibbett Sports, Verizon Wireless, Domino’s, Subway, Allied Cash Advance, H&R Block and Wells Fargo ATM. The property was 93% occupied at the time of the sale.
The shopping center, which was built in 1986 and renovated in 1990, is the only grocery-anchored shopping center within 75 miles. The only other grocer in Page is Walmart Supercenter, which has been open since 2006.
Hanley Investment Real Estate Advisors represented the seller in the deal. The buyer was repped by Kalen Rickard of Western Retail Advisors of Phoenix. The price was not given out.
Safeway has successfully operated at the shopping center since 1978 (over 42 years). Safeway operates as a banner of Boise, Idaho-based Albertsons Companies Inc, a leading food and drug retailer in the United States, which has both a strong local presence and national scale.
With the coronavirus pandemic, grocery stores like Albertsons Companies saw a substantial sales increase. According to company reports, Albertsons reported that sales and other revenue increased 21.4% to $22.8 billion during the first quarter of fiscal 2020 compared to $18.7 billion during the first quarter of fiscal 2019. Identical sales benefited from the company’s 276% growth in digital sales and an increase in-store sales, both largely driven by the COVID-19 pandemic.
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