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Phoenix & Southwest  + Retail  | 

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.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition