Phoenix’s Oldest Shopping Mall Changes Hands for $115M

Kimco Realty shelled out a whopping $115.3 million for an 850,000-square-foot retail center in the Phoenix metropolitan area.

By Ioana Neamt, Associate Editor

Christown Spectrum Mall entrance
Christown Spectrum Mall entrance

PHOENIX—Kimco Realty Corp. of New Hyde Park, N.Y. has acquired the Christown Spectrum Mall in Phoenix, for the price tag of $115.3 million—the equivalent of about $136 per square foot. According to CoStar, Bill Palmer and John Sedar of Palmer Capital Inc. represented the seller, Coventry Real Estate Advisors, in the transaction.

Located at 1703 W. Bethany Home Road, adjacent to the second-busiest light rail station in the city, the 850,000-square-foot mall was 94 percent occupied at the time of sale. The power center is anchored by a Wal-Mart Supercenter, Costco and Super Target—the only shopping center in the U.S. to house all three retailers. The mall’s tenant roster also includes Walgreens, Bank of America, Ross Dress for Less, PetSmart, Dollar Tree, Taco Bell, and a Harkins Theatres 14-screen multiplex, among many others.

Built in 1961, Christown Spectrum offers multiple redevelopment and value-add opportunities, including the expansion of the leasable square footage, the development of numerous retail pads, and several below-market leases.

Kimco Realty has been publicly traded on the New York Stock Exchange (NYSE) since 1991, and is currently North America’s largest publicly traded owner and operator of open-air shopping centers. As of September 2015, the company owned interests in 710 retail centers encompassing 105 million square feet across 39 U.S. states, Puerto Rico and Canada.

Image courtesy of the Christown Spectrum Facebook page