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Phoenix-Area Retail Center Sells for $45M
Palm Valley Pavilions West, a 232,577-square-foot shopping center in Goodyear, AZ, has traded hands for $44.75 million. The buyer was a joint venture between DRA Advisors and Pine Tree, while the seller was Retail Value Inc. (RVI).
Built in 1994 and redeveloped in 2002, the 98.5%-leased property is located at 1478 North Litchfield Rd. on just more than 28 acres of land. The center offers excellent access and visibility to I-10 at the Litchfield Road interchange in one of the fastest-growing areas of the greater Phoenix market.
NKF’s Pete Bethea, CJ Osbrink, Rob Ippolito and Glenn Rudy represented the seller. The buyer was self-represented.
“Palm Valley Pavilions West was attractive to prospective investors as it is a stabilized, institutional asset in a thriving region,” said Bethea.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition

