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Friday, August 31, 2018

RENTV: Sterling Organization Buys Grocery-Anchored Center in Phoenix

RENTV.com reports:

"Sterling Organization has acquired Union Plaza, a grocery-anchored shopping center in Phoenix for $15.2 mil ($154/sf) in an off-market transaction. The property, located at the intersection of W. Union Hills Dr and N. 19th Ave, was sold by a private investor on behalf of Sterling Organization’s institutional grocery-anchored shopping center core fund, Sterling United Properties I, LP (“SUP I”).

The 98.7k sf shopping center was built in 1977 and is anchored by a 56.6k sf Fry’s Food & Drug, the No. 1 grocer by market share in the Phoenix MSA. Other tenants at the property include junior anchor Ace Hardware, Great Clips, Little Caesar’s Pizza, H&R Block and Cricket Wireless. The property is currently 99% occupied."

Click here to read the article at RENTV.com.