Armstrong Capital Development LLC (ACD) made its second Arizona acquisition, acquiring 20,548 square feet of retail shadow space in Mesa, AZ. The Denver buyer shook hands with seller De Rito Partners to acquire Fry’s Shops at Stapley & McKellips, which is shadow-anchored by grocer Fry’s Marketplace. Tom Goodwin of Parr Brown Gee & Loveless represented ACD in the transaction.

Located at 1935 N. Stapley Dr., the property consists of two multitenant retail buildings, which were 94% leased to tenants including Chipolte, Supercuts, Subway and Banfield Pet.

“This latest acquisition is consistent with our strategy to acquire high quality, complementary retail assets with strong tenant rosters and superb locations,” said Josh Katzer with ACD. “As a core asset that provides long-term value, Fry’s Shops makes a terrific addition to our portfolio while expanding our footprint in the greater Phoenix market.”

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