Hanley Investment Closes Northern Arizona Retail Sale
- Aug 26, 2020
Hanley Investment Group has finalized the $8.5 million disposition of Safeway Center at Lake Powell, a 100,486-square-foot retail property in Page, Ariz. The company assisted the seller, Phillips Edison & Co. and procured the 1031 exchange buyer, The Bilak Co. Western Retail Advisors Senior Vice President Kalen Richard negotiated on behalf of the new owner.
Farmers & Merchants Bank provided a $15 million portfolio loan for the purchase, according to Coconino County records. The mortgage has a variable interest rate and also encumbers Crossroads at Deer Valley Plaza, a 17,043-square-foot retail asset in Phoenix and Mr. Flagstaff Apartments, a nine-unit student housing community in Flagstaff, Ariz.
Located on 9 acres at 608 Elm St., the retail property was completed in 1986 and renovated in 1990. At the time of closing, the grocery-anchored asset was 93 percent leased. In addition to the asset’s namesake, other national tenants include Domino’s, Dollar Tree, Subway and H&R Block among others. Situated in the city center, the shopping destination is close to Page Hospital and the city’s municipal airport.
In July, Hanley Investment completed the $5.2 million sale of an 11,600-square-foot retail property in Corona, Calif. The firm facilitated the deal on behalf of the seller, Cadence Capital.