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2/08/16
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A New Jersey-based real estate entity closed on a Phoenix retail buy, paying $9.665 mil for Mountain Park Plaza. Located at 510, 520, 602 and 610 E. Baseline Rd, Mountain Park Plaza is an 87.7k sf ($110/sf), grocery-anchored center situated on just over eight acres.
Built in 1988, Mountain Park Plaza is strategically located within the South Mountain Village at the northwest corner of 7th St and Baseline Rd in the shadow of South Mountain Preserve and Municipal Park. It was sold by Western America Commercial, a 19-member, WA-based tenant-in-common entity that acquired the property in 2005.
The property has been continuously anchored by Fry's Food and Drug for more than 27 years. At time of sale, the center was 95 percent leased to 15 tenants, of which seven have occupied the center for more than 12 years. There is one storefront available at 4.2k sf.
National credit tenants lease 66 percent of the space. In addition to Fry’s, other major tenants include Nationwide Vision, Sally Beauty Supply, the city of Phoenix Water Department and WOW Fashion. Three PADs occupied by a Fry’s Food Stores of AZ fueling station, Taco Bell and Kidz Connextion Dental Centers were not part of the sale.
Mindy Korth and Kirk Kuller with Colliers’ Phoenix office represented Western America Commercial, a 19-member in the transaction. The buyer, Lamar Companies of Fairfield, NJ, has been in business for more than 40 years and owns and manages more than $200 mil in assets.
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