SRS Real Estate Arranges Retail Sale in West Phoenix
- Jun 30, 2020
SRS Real Estate Partners has completed the $9.2 million sale of a portion of Wigwam Creek Shopping Center in Litchfield Park, Ariz.
The company’s Senior Vice President John Redfield, local leasing experts Ed Beeh and Alan Houston, along with Senior Advisors Eric Diesch and Peter Sengelmann of Pinnacle Real Estate Advisors, acted on behalf of the seller. Designated Broker Ninos Lazar of Investar Real Estate Specialists assisted the buyer, a private 1031 exchange investor. The deal closed at a 6.75 cap rate.
Located at 13000 and 12958 W. Indian School Road on approximately 5 acres, the property is 3 miles from Interstate 10. According to SRS, the retail center is situated at an intersection which sees more than 46,000 vehicles daily.
Built in 2002, Wigwam Creek Shopping Center totals 33,792 square feet and it is fully occupied by 17 tenants. The traded portion of the asset includes Anytime Fitness, Baskin Robbins, Subway, Fantastic Sams and Leslie’s Poolmart. The property also hosts Albertsons, McDonalds, KFC and others, which were not included in the transaction.
Recently, another SRS team represented the seller of a 3,109-square-foot retail building in Pinellas Park, Fla. The asset traded for $5.6 million.