Home Depot-Anchored Retail Center Trades in Phoenix

PASSCO Cos. sold the Laveen Village Marketplace to Litwin Management. The 56,747-square-foot asset sits within the Phoenix-Mesa-Scottsdale Metropolitan Statistical Area.
Laveen Village Marketplace
Laveen Village Marketplace

Litwin Management, a property management company, acquired the Laveen Village Marketplace from PASSCO Cos., a national real estate investment firm. The 56,747-square-foot retail center in Laveen, Ariz., changed hands for $14.2 million.

Located at 5210-5270 W. Baseline Road, within the Phoenix-Mesa-Scottsdale Metropolitan Statistical Area, the retail center is anchored by Fry’s Food & Drug and Home Depot. The area currently faces record low vacancy rates, but the construction of the Loop 202 freeway is likely to increase the investors’ and developers’ interest.

Jenette Bennett, a broker with Kidder Mathews, and Patrick Luther of SRS in Newport Beach, Calif., represented the buyer in the transaction.

“Litwin Management owns properties in several states and was attracted to this location after it was presented with a market profile,” Bennett said in prepared remarks.

Earlier this month, Kidder Mathews was retained as the new property manager for Cabot Business Center, a 110,000-square-foot Phoenix industrial/flex property.

Image courtesy of Kidder Mathews