Kidder Mathews’ Darren Tappen, Nathan Thinnes, and Peter Beauchamp represented LNR Partners in selling Arcadia Town Center in Phoenix, Arizona. The buyer, Whitestone REIT, acquired the property for $25,300,000 ($364 PSF).
Arcadia Town Center is a multi-tenant neighborhood retail center situated on five acres. Shadow-anchored by a high-performing Safeway grocery store, the property also includes CVS, along with a blend of traditional and service-retail tenancy.
“Seasoned retail investors remain focused on grocery-anchored centers in the Phoenix metro,” said Tappen. “The combination of Safeway and CVS offers two ideal anchors for the project, resulting in strong interest from a wide range of buyers and capital sources.”
Located at 4730 – 4750 East Indian School Road, the center is uniquely positioned in the affluent Arcadia neighborhood, one of the city’s best-performing trade areas with exceptional demographics and strong historical occupancy.
“The value of the property is heightened by not only its location, but also its rarity — as there is no developable land for another grocery-anchored community retail center in the immediate area,” said Thinnes.
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with over 900 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $12 billion in transactions, manages 53 million square feet of space, and conducts over 2,600 appraisals annually. For more information, visit kidder.com.