Phoenix, Ariz. and Newport Beach, Calif. – SRS Real Estate Partners’ National Net Lease Group has announced the sale of The Shops at Arizona, a 35,710-square-foot Ace Hardware-anchored neighborhood shopping center located at 3434 Anthem Way in Anthem, AZ. The center is 88 percent occupied with a mix of daily needs, food service, and boutique retail tenants.
SRS’ National Net Lease Group Vice President Sean Thomas and Senior Vice President Patrick R. Luther represented the seller Abington Emerson, a private real estate investment company, in the $5.075 million transaction to an individual buyer.
The Shops at Arizona, built in 2003, sits on approximately 6.68 acres. The tenant roster includes, in addition to Ace Hardware, Coldwell Banker, Pizza Hut, Princess Nails, Shanghai Club and more. West Anthem Way serves as a direct access road to Black Canyon Freeway/ Interstate 17, the primary north/south thoroughfare traveling into and out of Phoenix. More than 49,000 residents and nearly 10,000 employees support the trade property’s area.
“This was a very strategic value-add transaction for Abington,” said Thomas. “Abington bought the property in mid-2017. At that point The Shops at Arizona was 30 percent occupied. They have worked to proactively stabilize the property by signing seven new leases in the last 15 months.”
SRS’ National Net Lease Group successfully completed more than 270 sales in 2017; to date in 2018, the group has more than 350 transactions sold or under contract across more than 35 states nationwide, with over $1 billion in assets currently listed for sale.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 20 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit www.srsre.com.
SRS’ National Net Lease Group is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2017, the group completed more than 270 sales across more than 30 states. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsnnlg.com.