Passco Cos. Acquires Retail Center for $20 Million
Passco Cos. Has acquired the newly constructed 56,747-square-foot Phase III of Laveen Village Marketplace, a 197,689-square-foot retail center located at the intersection of Baseline Road and 51st Avenue in Laveen, Ariz., from Weingarten Realty Investors for $20 million.
The first phase of the project is fully leased and anchored by Fry's Food & Drug, and the second phase is 97 percent leased and anchored by The Home Depot and Petco. Negotiations are currently underway for the remaining 1,717 square feet, which will bring the center to 100 percent occupancy.
Ramez Barsoum of Irvine, Calif.-based REZA Investment Group represented both parties in the transaction.