Hanley Investment Closes Northern Arizona Retail Sale

The brokerage firm represented the seller of the 100,486-square-foot grocery-anchored shopping center.
Safeway Center at Lake Powell. Image courtesy of Hanley Investment Group

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.

If you’d like to be featured in Brokers’ Corner, simply fill in our short form or send your deal to deals@cpe-mhn.com.