Indianapolis-based P&A Development purchased Shops at Aspera, a fully occupied, 7.9k sf multi-tenant retail center in Glendale, AZ, in a recent $4.55 mil ($576/sf) transaction. Tenants at the newly developed center all have new long-term leases and include Starbucks, Fired Pie, Herbal Nails & Spa, and Friendly Smiles.
Situated on 1.26 acres, Shops at Aspera is located on the northwest corner of 75th Ave and Loop 101 at 7510 W Aspera Blvd. The property was completed in April 2016 and is part of the Aspera mixed-use development, a $152 mil privately funded project which is anticipated to ultimately employ approximately 1,700 people.
Jeff Conover with Faris Lee Investments, represented the buyer, who was in a 1031 exchange. Simon CRE from Phoenix was the seller. The closing cap rate was 6 percent.
“This was the upleg in a 1031 exchange out of a single-tenant property in Southern California,” said Conover. “My client was seeking a stronger yield and wanted to trade into a multi-tenant retail asset. “Shops at Aspera had all the intrinsic qualities the buyer was looking for including quality, new construction, high visibility and traffic counts, and the property was within a growing trade area.”