Passco Closes $20 Mil Arizona Retail Buy
The Retail Page
SoCal-based Passco Companies LLC has acquired the 56.7k sf Phase II of Laveen Village Marketplace in Phoenix for $20 mil ($353/sf). The 197.7k sf center is located on Baseline Rd at 51st Ave in Laveen a fast-growing suburb of Phoenix."Laveen Village's recent expansion added considerable value to the property, and Passco recognized the excellent investment opportunity it represents," said William H. Winn, President of Passco. "This property is an important addition to Passco's national portfolio of income-producing assets," he added.
The fully leased first phase of the project is anchored by Fry's Food & Drug, the grocery leader in Phoenix. Phase II, presently 97% leased, is anchored by leading national retailers Home Depot and Petco. Negotiations are currently underway for the remaining 1.7k sf, which will bring the center to 100% occupied.Ramez Barsoum, Managing Director of REZA Investment Group, represented both Passco and the seller, Weingarten Realty Investors, in the transaction.
"Passco will benefit from a newly constructed, core asset in a dense and growing submarket within the Phoenix marketplace. The property not only benefits from the growing demographic profile of the trade area, but the significant consumer draw that is generated by both Home Depot and Fry's Food and Drug," said Mr. Barsoum.