Arcadia Crossing Sale Demonstrates Appeal of Well-Located Phoenix Assets
Arcadia Crossing, a 453,457-square-foot grocery-anchored power center located at 44th Street and Thomas Road in Phoenix, recently sold to a Denver-based family office for $65.8 million. Situated on 44 acres, Arcadia Crossing was 95 percent occupied at the close of escrow.
SRS Real Estate Partners’ Chris Tramontano, John Redfield, Mike Polachek and Brian Polachek of the Phoenix office represented the seller, a Phoenix-based family office. The buyer was represented by Pinnacle Real Estate Partners. Polachek and Polachek are the leasing team for the asset.
“We originally took this property to the market pre-pandemic, and generated significant interest and offers both from the institutional and private sectors,” says Tramontano. “After surviving COVID and an escrow that was put on hold, we were able to go back to the groups at the table and push pricing higher than the previous contract price. Ultimately, we closed with an out-of-state private high net worth family office in a very large 1031 exchange.”
The center is anchored by Fry’s Food & Drug, Target, Burlington and Costco. Fry’s underwent a significant interior renovation in 2019. Other tenants include Ross Dress for Less, Petco and Five Below.
“This sale demonstrates the growth and demand for high-quality well-located assets in the Phoenix market,” said Redfield. “Arcadia Crossing is an extremely unique property whereby as a power center it also included Target and Kroger in the total leasable area. That coupled with the quality of the location, provided high demand for the sale and a great long-term investment opportunity for the new owner.”
The property is just three miles north of Phoenix Sky Harbor International Airport and there are more than 300,000 residents within a five-mile radius.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.