Cushman & Wakefield, a global leader in commercial real estate services, announced today that a company formed by Besyata Investment Group of Brooklyn, New York, purchased the 75,559 square foot Park Lee Shopping Center for $9.5 million. Cushman & Wakefield Executive Managing Directors Michael Hackett and Ryan Schubert negotiated the sale of the property at 17th Avenue and Camelback Road on behalf of the seller, companies formed by Kinetic Companies and ArciTerra Group of Phoenix.
“This center is situated in a densely-populated trade area providing it with a very stable customer base,” said Mr. Hackett. “There was strong upside in the project with the lease up the vacant shop space in a retail submarket that is experiencing shrinking vacancy and rising rental rates.”
Built in 1985, Park Lee Shopping Center is occupied by several national retailers including Goodwill, Blast Fitness, Little Caesars, Cricket Wireless and Rent A Center. The shopping center is located on Camelback Road and along Phoenix’s Metro Light Rail providing excellent access and visibility. The ±5.69 acre center was ±83.3% occupied at the time of sale.