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Flagstaff’s “The Marketplace” Flips for $23.5M
Macerich unloaded one of Flagstaff’s top shopping centers for $23.5 million. The 268,000-square-foot property was located at Flagstaff’s best retail destination. The Marketplace, boasts a strong industry presence and long-term occupancy with recent tenant renewals. Home Depot, Petco, Best Buy, and World Market are just a few of the current tenants. Approximately 85% of the tenants have been in the center for at least 10 years.
The property was purchased by an all cash 1031 investor from northern California. Faris Lee Inestments brokered the deal.
The center had a favorable long-term ground lease with the state of Arizona. “The leasehold position allowed the investor 100% depreciation on the investment, excluding Home Depot. Moreover, investors could purchase the property well below replacement cost at $99 per square foot. These features made it an attractive option for those seeking long-term, reliable returns on their investment,” said Faris Lee’s Don MacLellan.
- ◦Sale/Acquisition
