Canadian investor acquires newly built
Phoenix Laveen Park Place Shopping Center
Staff Reports | Digital Free Press
Cushman & Wakefield brokered the recent sale of newly constructed Laveen Park Place, a Class A 109,219-square-foot retail shopping center found at the southeast corner of Loop 202 and Baseline Road in Laveen.
The property is 100% leased, offering a strong, mostly national / credit tenant mix led by a brand new Sprouts Farmers Market, TJ Maxx and Michaels, according to a press release.
The center was sold to Tradewinds Capital LP, a private investor out of Alberta, Canada, for $40.3 million. The seller was LB 59th LLC, an entity formed by Phoenix-based Kitchell Corp., the release states. Michael Hackett and Ryan Schubert with Cushman & Wakefield in Phoenix represented the seller in the transaction.
“High quality, new construction and strong national tenant roster made Laveen Park Place a rare opportunity to acquire an exceptional grocery-anchored shopping center in a high growth freeway location,” Mr. Schubert said in the release.
“The area surrounding Laveen Park Place is experiencing tremendous growth. Within a three-mile radius there are 14 residential communities planned or under construction and another five multi-family developments. In addition, there is significant industrial and office development in the pipeline.”
Laveen Park Place was built in phases between 2019 through 2022. The center sits on about 17.5 acres of land and is an arrow’s shot from the full diamond interchange at the Loop 202 Freeway and Baseline Road — a place where over 60,000 vehicles pass the property daily.
