Triumph Real Estate Investment Fund, a Canadian Investment Fund based out of Calgary, Alberta, has purchased two Metro Phoenix shopping centers, Triumph Bell West Ranch and Triumph Glendale Crossing, for a total of $7,010,000.
Triumph Bell West Ranch, a 20,225 square foot shopping center at 16846 W. Bell Road in Surprise, AZ, was purchased for $3,985,000. The property, which was 93.2% leased at the time of the sale, is now 100% leased.
Triumph Glendale Crossing, a 10,595 square foot retail center at 5929 W. Peoria Avenue, Glendale, AZ, was purchased for $3,025,000. Tenants include T-Mobile, Western Dental and State Farm Insurance.
“We are very pleased with our recent acquisitions in the Phoenix market,” said David Wallach, President and Founder of Triumph Real Estate Investment Fund.
“Our two retail Centers, Triumph Bell West Ranch & Triumph Glendale Crossing, align with our fund’s fundamentals in buying neighborhood centers with basic services to the residents in those neighboring communities. Our goal is to increase our presence in the Phoenix market as well as other states throughout the Central and Western U.S.,” Wallach said.
Triumph Real Estate Investment Fund purchased Triumph Bell West Ranch from PWREO Bell & 303, LLC, and Triumph Glendale Crossing from Lawrence and Geyser. Jon Rosenberg and Keri Davies with Levrose Commercial Real Estate/TCN Worldwide negotiated both deals on behalf of the Buyer.
Danielle Davis of Levrose Commercial Real Estate/TCN Worldwide will handle the leasing at both properties, and MODE Commercial Property Management has been selected to manage the properties.