WATSON MARKETPLACE

BUCKEYE, AZ

$22,000,000

 

Watson-Marketplace-2048-2

AT A GLANCE

  • Represented California-based 1031 exchange buyer.

  • Buyer closed in 45 days from start to finish, with financing.

  • 100% leased, unanchored stript center and shop pads.

CHALLENGES

  • No reported store sales for many tenants.

  • Tertiary location outside of Phoenix, which experienced significant foreclosures, retail vacancies, and other pressures during recession.

  • Anchored by Goodwill, with no additional regional tenant to provide consumer draw.

MARKETING STRATEGY

  • Positioned the asset as a rare, recently constructed, 100% leased retail center in Phoenix Metro.

  • Highlighted sustainability of rents, as many tenants were signed in 2009 during the Great Recession.

  • Provided buyer with break-up strategy via the sale of Bank of America and McDonald's outparcels by themselves.

RESULTS

  • 6.87% cap rate.