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12/08/22
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Westridge Shopping Center, a 58.7k sf retail center in Phoenix, was acquired by Westridge Phoenix AZ LLC, a New Jersey-based investor, for $6.825 mil ($116/sf). The seller was DPM Westridge Shopping Center LLC.
Located at 7540 and 7606 W Indian School Rd, the center was originally built in 1985 but was refurbished in 2017. The center comprises four multi-tenant buildings on 5.3 acres and was approximately 81% leased at the time of sale to a great variety of national and regional brands including food, daily needs, health, auto, and personal services.
Chris Hollenbeck and Shane Carter with Cushman & Wakefield in Phoenix represented the seller in the transaction.
“Westridge Shopping Center presented a stable investment opportunity of a well-leased retail asset that also offers the value-add potential of leasing up the existing vacancy in the project at a desirable market rent,” said Hollenbeck. “The center is strategically positioned at a high-traffic intersection in a densely populated trade area in Phoenix Metro. The location is also close proximity to the Loop 101 freeway and Desert Sky Mall regional shopping mall."
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