First Washington-CalPERS JV Buys Lincoln Village Shops for $38.7 million
- Nov 18, 2012
Global Retail Investors L.L.C ., a joint venture of First Washington Realty and the California Public Employees’ Retirement System, has acquired Lincoln Village Shops in Scottsdale for $38.7 million, or $544.16 per square foot, the Phoenix Business Journal reports. The seller, an affiliate of Redwood Real Estate Partners, had owned the 71,142-square-foot property located at Scottsdale Road and Lincoln Drive since 1993. Lee & Associates was the broker.
Serving both Scottsdale and Paradise Valley residents, Lincoln Village Shops includes national and local tenants such as Walgreens, Trader Joe’s, Verizon Wireless and Cingular Wireless. Built in 1979, the retail property was renovated in 2011. Global Retail Investors’ portfolio includes more than 90 retail properties.
Marcus & Millichap Real Estate Investment Services Inc. reports that 2012 retail property sales in the Phoenix metropolitan market are dominated by REO and short sales. Multi-tenant sales activity has risen 23 percent since last year as opportunistic buyers acquire bank-owned neighborhood and strip centers for value-add plays.
More investors may enter the Phoenix market in the coming months, targeting newer centers with nationally recognized tenants like Lincoln Village Shop, according to Marcus & Millichap analysts.
Charts courtesy of Marcus & Millichap Research Services