October 7, 2019 – SRS Real Estate Partners’ Investment Properties Group has completed the sale of Glendale Galleria, a 119,525-square-foot LA Fitness-anchored neighborhood shopping center located at 5880 W. Peoria Avenue in Glendale, AZ.
SRS Real Estate Partners’ Investment Properties Group Senior Vice Presidents Chris Tramontano and John Redfield represented the seller, Brixmor Property Group. The buyer was a private investor from Florida who was in a 1031 exchange.
Built in 1989/1990 and renovated in 2018, property is situated on 12.67 acres. The center is 87% occupied with major tenants including LA Fitness, Sears Outlet, Synergy Gymnastics and TitleMax Title Loans. The center also has four outparcels that were not a part of the sale that include Applebee’s, Arby’s, a car wash, and Manuel‘s Mexican Restaurant.
Glendale Galleria is situated at the signalized intersection of W. Peoria Ave. and N. 59th Ave. and is directly across from Home Depot. It is also proximate to other tenants including Sprouts, Walmart Supercenter, and Target, among other retailers. It is less than one-mile from Glendale Community College and 2.7 miles from both Banner Thunderbird Medical Center and Arizona State University West Campus, providing a dense consumer base. Within a 5-mile radius of the center, there is a population of more than 431,500 residents and 148,000 employees.
“Our Southern California office investment team worked closely with Brian Polachek in SRS’ Phoenix office to communicate to interested investors about the intrinsic value of the asset and its strategic location as it relates to the leasing potential of the site,” said Tramontano. “During the marketing process, our team also had to effectively communicate that Glendale Galleria’s co-anchor tenant, Sears Outlet, was a completely different company than Sears Holding Co. and the closed Sears stores.”
Redfield added, “We accessed multiple investor profiles nationwide including 1031 buyers, which tend to be the most aggressive and pay premium prices. Ultimately, we were able to perform a smooth and successful execution of this transaction with an out of state buyer who owned already owned in the area.”
The greater Phoenix region is projected to see more than 15 percent of employment growth over the next decade.