Paradise Valley Buys Phoenix Retail Center for $11M
- Dec 11, 2017
Paradise Valley Ventures LLC purchased the Pueblo Point Shopping Center in Phoenix from Arneil Pueblo LLC for $11 million. Lee & Associates Arizona Principals Jan Fincham and Patrick Dempsey and Associate Andrew Lundahl represented both parties in the transaction.
The 54,430-square-foot shopping center is located at 13801 N. Tatum Blvd. Among its tenants are a Smart & Final Extra Grocery store, Domino’s Pizza, and a UPS store. “The property enjoys attractive demographics with over 220,000 residents within a five-mile radius with significant annual household income of more than $92,000,” said Dempsey in a prepared statement.
The retail center enjoys good exposure, being situated at the intersection of Tatum Boulevard and East Thunderbird Road. Multiple other retail stores are nearby, including the Paradise Valley Mall, situated a few minutes away. “Pueblo Point shopping center is attractive to investors because of its strategic location in North Phoenix. The property sits in an infill location with significant barriers to entry for any new future retail development, ensuring the stability and long-term success of Pueblo Point Shopping Center,” said Fincham in a prepared statement.
Lee & Associates Arizona recently completed leasing transactions at a Phoenix industrial park, bringing it to 75 percent occupancy.
Image courtesy of Lee & Associates