Capital Asset Management (CAM), Phoenix, teamed up with Cottonwood Equity, LLC, based in Salt Lake City, to purchase the 59,839 sq-ft 75th & Peoria Shopping Center located at the southwest corner of Peoria and 75th Ave. With this purchase, CAM and Cottonwood Equity will focus their efforts over the next six months on a considerable rebrand of the well-trafficked center.
“With new ownership comes new energy and this begins with renaming the center Santana Village Crossing and will continue with property improvements that will drive significant value to our tenants,” said, Rachelle Strole, owner of Capital Asset Management. Among the immediate improvements slated for the neighborhood center will be new monument signage to bring better traffic visibility for the tenants, and tenant leasing efforts to strike an ideal balance of tenant mix.
Originally acquired by the seller, Western Alliance Bank, the shopping center sits directly adjacent to the new 224-unit ground-up apartment community called Santana Village. Built in 1997, the project is less than two miles from the 101 Loop Freeway and Glendale Community College.
Prior to closing, the property was desolate with a 26.5% occupancy. Immediately following the closing, the new ownership announced two new leases, an added 16,487 sq-ft, raising the occupancy level to over 54% at the center. The listing brokerage team on the $2.1 million transaction were Jason Hersker, Stephen Herman, Scott Smith and Rachael Cisco all with CAM.
“Our partnership brings a unique mix of experience that emphasizes long term value and we look forward to another successful venture” says Eric Sorenson, managing member of Cottonwood Equity.