Executive Managing Directors Ryan Schubert and Michael Hackett with Cassidy Turley’s Retail Capital Markets Group represented the seller, Park West Development of Scottsdale, AZ.
“Southern Plaza offered the buyer the opportunity to own a stabilized, high-volume grocery center with the potential to add value through ground leases or development of additional outparcels,” Mr. Schubert says. “The Food City performs very well and currently accounts for over 73 percent of the center’s total square footage.”
Built in 2007, Southern Plaza was 95.3 percent occupied at the time of sale. The property is anchored by a ±55,014 square foot Food City (Bashas’) grocery store and includes ±20,219 square feet of additional shop space and two developable pads. In addition to Food City, Southern Plaza’s tenant mix includes Payless ShoeSource, Grand Mart, Pizza Patron, AA Insurance, Rapido Tax and locally owned operators of a hair salon, nail salon and dentist. Southern Plaza is located in densely populated trade area that services over 102,000 residents within a three mile radius of the center.