Avison Young to manage recently acquired 118,377-square-foot retail center, which will undergo repositioning strategy
Phoenix, AZ – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has been awarded a property management contract for Talavi Town Center in Glendale, AZ.
The new ownership group not only awarded Avison Young the ongoing property management responsibilities, but also enlisted the company’s strategic consultation services during the acquisition process. The 118,377-square-foot (sf) retail center was acquired by Talavi Bell, LLC, an entity of the Optimus Building Corporation and Boarder Capital partnership, for $21.85 million on February 28. The seller was Kimco.
Senior property manager Anne Pappas and controller Jackie Tucker, who are based in Avison Young’s Phoenix office, will lead the property management team for Talavi Town Center.
Built in 1995 and situated on 12.26 acres of land at 5715 to 5795 West Bell Road, the two-building retail center was 85% occupied at the close of escrow. Some of its key tenants include Walmart, Mor Furniture and Dollar Tree. The asset is a marquee regional community center located on the busy Bell Road corridor of Glendale, a rapidly growing city that is home to the NFL’s Arizona Cardinals and the NHL’s Arizona Coyotes.
“The Avison Young team was a key partner during our due diligence efforts for the acquisition of Talavi Town Center,” comments James Miller, a principal with Boarder Capital. “This process included leasing analytics, projection of income and expenses, and budgeting, which were all crucial factors to ownership. Now that the acquisition is complete, we are looking forward to embarking on our strategy of positioning and improving this quality center to attract and retain an ideal mix of tenants that complement the exceptional community demographics of this Arrowhead Ranch submarket.”
“We will be working closely with Talavi Town Center’s ownership group throughout the repositioning process and look forward to being a part of the strategic transformation and stabilization of the center over the long-term,” says David Genovese, a Principal of Avison Young and Managing Director of the company’s Phoenix office. “With more than 5.4 million square feet of commercial assets under management throughout the greater Phoenix region, Avison Young has a proven depth of experience and expertise in transforming assets to be a better fit with their communities as well as maximizing returns for their clients.”