Colliers International in Greater Phoenix negotiated the sale of Mountain Park Plaza at 510, 520, 602, 610 E. Baseline Road in Phoenix, for $9,665,000.
Mindy Korth, executive vice president; and Kirk Kuller, vice president, with Colliers’ Phoenix office represented the seller, Western America Commercial, which is a 19-member Tenant in Common based in Issaquah, Washington. The seller acquired the property in 2005.
The buyer, Lamar Companies of Fairfield, New Jersey, is a nationwide real estate company, which has been in business for more than 40 years and owns and manages more than $200 million in assets.
Built in 1988, Mountain Park Plaza is an ±87,672 square foot grocery-anchored retail center situated on ±8.02 acres. It is strategically located within the South Mountain Village at the northwest corner of 7th Street and Baseline Road in the shadow of South Mountain Preserve and Municipal Park.
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 ±4,160 square feet.
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.
“This investment offers the buyer an opportunity to purchase a rarely available Fry’s-anchored center, while also generating enhanced returns with the proposition to create significant added value through securing long-term tenancy,” said Korth.