SRS Real Estate Partners’ National Net Lease Group has announced the $9.2 million sale of a large portion of Wigwam Creek Shopping Center located at 13000 and 12958 W. Indian School Road in Litchfield Park, AZ (Phoenix submarket). The center is 100 percent occupied by 17 tenants including Anytime Fitness, Baskin Robbins, Subway, Fantastic Sams, and Leslie’s Poolmart. The center also includes Albertsons, McDonalds, BBVA Bank, Circle K, and KFC, which were not a part of the transaction.
SRS National Net Lease Group’s John Redfield and local leasing experts Ed Beeh and Alan Houston, along with Eric Diesch and Peter Sengelmann of Pinnacle Real Estate Advisors, represented the seller, a Colorado-based family office. The buyer, a California-based private investor in a 1031 exchange, was represented by Ninos Lazar of Investar Real Estate Specialists. The transaction closed at a 6.75 cap rate.
“SRS helped negotiate a unique deal structure that was favorable for both the buyer and seller without adjusting the purchase price due to the macro-economic uncertainty of the COVID-19 crisis. We also worked through the challenging debt environment with the lender to ensure the deal was not derailed from the financing side,” said Redfield. “Ultimately, the buyer was able to focus on the fundamental attributes of the asset that attracted them pre-crisis and has secured a strong long-term investment.”
Built in 2002, Wigwam Creek Shopping Center is situated on 4.89 acres and totals 33,792 square feet. It is located at the signalized intersections of W Indian School Road and N Dysart Road which sees more than 46,000 vehicles per day. It is also surrounded by seven schools with more than 50,000 students all within a one-mile radius of the property.
SRS’ National Net Lease Group, with nearly $2 billion in assets currently listed for sale, successfully completed more than 400 transactions in 2019, across 35 states nationwide. As of mid-June 2020, the firm has completed 185 transactions totaling $616 million (a 44% increase as compared to last year) and has nearly $800 million of assets under LOI or in escrow.