Phoenix, Ariz. (October 24, 2018) – Parkway Village, a 16,640 square foot shopping center located at 15605, and 15633 West Roosevelt Street in Goodyear, Arizona, has sold for $2,000,000. Kidder Mathews commercial real estate broker, Jenette Bennett, CCIM, represented the seller, Parkway Village Partners, LLC, in the transaction. The buyer was Simplified Properties, a NNN leased investment group.
This was an off-market, value-add retail sale in a fast-developing part of Phoenix’s West Valley. Due to the vacancy, the buyer secured short-term seller financing with the intent to refinance quickly. Two lease letters of intent were generated during the due diligence, and the buyer plans to spec build two additional vanilla shell suites. There is also an opportunity for a sale or build-to-suit on a 48,995 square foot pad included on the property.
“Buyers are looking for value-add investments, and there must be strong fundamentals to differentiate from a property that is distressed,” said Bennett. “This property is in a strong retail corridor, near I-10 and across from Wal-Mart, with current leasing activity, so the prospect of bringing it to 100% occupancy is high with an infrastructure investment,” she said.
Goodyear, Arizona is the sixth fastest growing city in the nation. Contributing to this is its I-10 location and its proximity to Los Angeles, making it a hub of industrial development. Remaining vacancy throughout the city is being leased quickly, and new developments are under construction, leading to increased lease rates and future investment sales.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with over 700 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $7 billion in transactions, manages over 50 million square feet of space, and conducts 1,500 appraisals annually. For more information, visit kiddermathews.com.