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Cushman & Wakefield Negotiates Sale of Park West
PHOENIX, Jan. 23, 2016 – Cushman & Wakefield announced today that Park West, located at the northwest corner of Loop 101 and Northern Avenue in Peoria, Arizona, sold for $34.45 million to San Diego-based CIRE Investments, LLC.
Greg Valladao, Brad Douglass, Chris Hollenbeck and Sean Lieb of Cushman & Wakefield represented the seller, Park West, LLC in partnership with The Howard Hughes Corporation of Dallas, Texas.
Recently constructed and anchored by a 14-screen Harkins Theatre, Park West is a 46-acre mixed-use center with entertainment, restaurants, traditional retail and service commercials. As an upscale destination in the West Valley, the center is home to tenants such as Flemings Steakhouse, BJ’s Brewhouse, Grimaldi’s Pizza, Victoria’s Secret, Bath & Body Works, The Joint and Vivaldi Salon.
“Park West presented the opportunity to purchase a meticulously constructed and maintained mixed-use center with tremendous upside in a region experiencing exceptional growth,” according to Valladao.
Located on the Peoria/Glendale border in Metro Phoenix, the property includes an additional 18-acres of development land. Excluded from the sale, but within the 74-acre Park West site, is Vue Park West a luxury three-story multifamily community comprised of 260-units that is walkable to the retail, restaurants and entertainments options.