From The Real Deal · TRD Staff · · 50s
CenterCal Enters Arizona with $117M Retail Deal
CenterCal acquires Phoenix shopping center for $116.7m in Arizona's tight retail market.
In brief
CenterCal acquires Phoenix shopping center for $116.7m in Arizona's tight retail market. CenterCal Properties bought a 45-acre Phoenix shopping center for $116.7m, marking its first Arizona property in a market with shrinking retail vacancies. Originally reported by The Real Deal.
CenterCal Acquires Phoenix Property
CenterCal Properties bought a 45-acre shopping center in Peoria for $116.7 million, marking its first Arizona property in a tight retail market.
Property Details and Tenants
The shopping center spans 19 parcels with tenants including Harkins Theatres, Athleta, Club Pilates, Massage Envy, BJ’s Restaurant & Brewhouse, and Fleming’s.
Financing and Market Context
CenterCal secured $86.9 million in loans from Wells Fargo and the Phoenix retail vacancy rate dropped to 4.4 percent in Q3.
What matters most
CenterCal Properties bought a 45-acre Phoenix shopping center for $116.7m, marking its first Arizona property in a market with shrinking retail vacancies.
