Newmark announced that it has completed the sale of Grand Village Center, a 25,653-square-foot retail center in Surprise, Arizona for $5 million.
Newmark Senior Managing Directors Steve Julius and Jesse Goldsmith and Associate Director Chase Dorsett represented the seller, Boros Investments.
The buyer, LJ Mainstreet Holdings, has historically been an investor in multifamily properties. This purchase represents the company’s first venture into shopping centers. Rising prices and unprecedented demand in the multifamily sector prompted the company to diversify its holding into commercial buildings in search of higher returns. Separate from this transaction, LJ Mainstreet Holdings also acquired two undeveloped land parcels that are adjacent to Grand Village Center from a different seller, with plans to develop the plots into additional retail buildings.
“Grand Village Center is a great choice for the buyer’s first foray into retail real estate,” said Julius. “The property is 100% leased and draws traffic from the Walgreens located within the same parking lot. With its favorable fundamentals and desirable location, this center stands to thrive for years to come.”
Grand Village Center is a 100%-occupied, eight-tenant retail center located at 14273 and 14291 W Grand Avenue in Surprise, Arizona. The property is situated in a high-traffic corridor adjacent to a Walgreens and located at the southeast corner of Parkview Place and Mountain View Boulevard. The property measures 25,653 square feet and is situated on 4.44 acres of land. It is fully leased to eight tenants including Church for the Nations, Zona Communications, D’Ambrosio Full Service Salon, and Master Taco Restaurant.
Julius, Goldsmith and Dorsett continue to be active, completing 21 transactions year-to-date with five properties under contract, further confirming Metro Phoenix’s strong market fundamentals, the recovery of the retail sector, and the expectation of continued growth for the market.