Newmark Knight Frank (NKF) has announced the $44.8 million sale of Palm Valley Pavilions West, a 98.5 percent leased 232,577-square-foot shopping center located in Goodyear, AZ, a fast-growing suburb of Phoenix. The center features tenants including Ross Dress for Less, Best Buy, Total Wine & More and Ulta, in addition to a number of other restaurants and shops.
NKF’s Retail Capital Markets team led by Pete Bethea, CJ Osbrink, Rob Ippolito and Glenn Rudy represented the seller, Retail Value Inc. (RVI). The buyer, a joint venture between DRA Advisors and Pine Tree, was self-represented.
Built in 1994 and redeveloped in 2002, Palm Valley Pavilions West is located at 1478 North Litchfield Road on just over 28 acres of land. The center offers excellent access and visibility to I-10 at the Litchfield Road interchange in one of the fastest growing areas of the greater Phoenix market. Since 2000, the area surrounding the property has experienced strong population growth with an increase in population of more than 200 percent within the five-mile radius of the property.
“Palm Valley Pavilions West was attractive to prospective investors as it is a stabilized, institutional asset in a thriving region,” said Bethea. “The new ownership has the opportunity to operate the best-in-class retail center with favorable yields and tenants who are experiencing consistently strong sales which is attractive for a long-term hold.”
More than 64 percent of the tenants at Palm Valley Pavilions West have been located at the center for more than 10 years. Many of the anchors consider the location at this center to be top performers for their stores within the greater Phoenix region.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
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