Cushman & Wakefield: New Jersey-based
investor acquires Westridge Shopping Center
Staff Reports | Digital Free Press
Cushman & Wakefield is announcing the sale of the Westridge Shopping Center — a 58,670-square-foot retail center in Phoenix.
Found at 7540 & 7606 W. Indian School Road, the center was originally built in 1985 but was refurbished in 2017, according to a press release.
The center comprises four multi-tenant buildings on ±5.31 acres and is about 81% leased at the time of sale to a variety of national and regional brands including food, daily needs, health, auto and personal services, the release states.
Westridge Phoenix AZ, LLC, a New Jersey-based investor, acquired the property for $6.825 million. The seller was DPM Westridge Shopping Center, LLC.
Chris Hollenbeck and Shane Carter with Cushman & Wakefield in Phoenix represented the seller in the transaction.
“Westridge Shopping Center presented a stable investment opportunity of a well-leased retail asset that also offers the value-add potential of leasing up the existing vacancy in the project at a desirable market rent,” said Executive Managing Director Chris Hollenbeck, in a prepared statement.
“The center is strategically positioned at a high-traffic intersection in a densely populated trade area in Phoenix metro. The location is also close proximity to the Loop 101 freeway and Desert Sky Mall regional shopping mall.”