AZ Retail Asset Acquired by Exchange Buyer for $13.7 Mil

news_8677_PeoriaLAFitnessA two-building, NNN-leased retail property in Peoria, AZ was purchased by El Rancho Company, a San Jose -based 1031 exchange buyer, for $13.7 mil ($268/sf). The 51.2k sf property is situated on just over five acres at 9320 W. Northern Ave and 8170 N. 91st Ave, at the northeast corner of Loop 101 and Northern Avenue.
Built in 2007 and 2008, the property is fully occupied by LA Fitness, OfficeMax, Carter’s, and Styles for Less. The asset is located within the 66-acre Peoria Crossings regional power center that is co-anchored by Target, Kohl’s, Ross, Michael’s, and Petco.
Jeff Conover, senior managing director with Faris Lee Investments, represented the Indianapolis-based seller, Peoria Crossings Development LLC. The buyer was repped by Brian Mason of Colliers International. The transaction closed at a 7.5 percent cap rate. Faris Lee also facilitated the financing process with Woodman of the World Life Insurance Company in Omaha, NE.


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