NAI offices negotiate $9.675M purchase of retail properties
PHOENIX, ARIZ. (May 3, 2017): The NAI Puget Sound Properties and NAI Horizon Investment Sales teams of Senior Vice Presidents Wyk Parker, Lane Neville, and Barbara Lloyd represented the buyer in the $9.675 million acquisition of two retail buildings at Litchfield Marketplace.
The new retail property is anchored by Fry’s Marketplace and Ace Hardware. The anchored center is at the NEC of Litchfield and Camelback roads in Litchfield Park, Ariz.
The buyer, MUFG Union Bank, N.A., as Trustee of the John J. Garland Residuary Trust FBO, was represented by the combined efforts of NAI Puget Sound Properties of Seattle and NAI Horizon of Phoenix.
“Our client wanted a stabilized, high-quality retail asset with limited downside risk,” Parker said. “Our acquisition of Litchfield Marketplace surely fulfilled their need. We have credit tenancy in our acquired asset in addition to the anchor, which helps ensure long-term stability for the overall retail property moving forward.”
The two retail shop buildings comprise 18,801 square feet and are 100 percent occupied. The retail properties were built last year. Tenants include Starbucks, Supercuts, Little Caesar’s, MedPost, Pet Planet USA, Times Square Italian Restaurant, and Hot Bagels Deli.
NAI Horizon has been awarded the property management assignment from the new owner.
The seller, Evergreen-Camelback & Litchfield, LLC, was represented by Michael Hackett and Ryan Schubert of Cushman & Wakefield.
About NAI Horizon
Exceptional global commercial real estate solutions begin with local market leadership and expertise. Established in 1992, NAI Horizon is a full-service commercial real estate company serving Arizona with offices located in Phoenix and Tucson. NAI Horizon is passionate about the commercial real estate business, providing Brokerage, Property Management and Appraisal Services for local, national and international clients. NAI Horizon is a member of the NAI Global commercial real estate network providing real estate solutions to 400 offices worldwide. For more information visit www.naihorizon.com.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global professionals achieve extraordinary results for clients locally and globally through creativity, collaboration and the consistent delivery of exceptional knowledge and service that only market-leading firms can provide.
NAI Global provides a full range of corporate real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more visit: www.naiglobal.com.