Grocery-anchored center sells for more than $9.3M

Sunburst PlazaORION Investment Real Estate is pleased to announce the successful sale of Sunburst Plaza in Glendale, located at the southwest corner of 43rd Avenue and Bell Road.

The 103,000 square foot shopping center sold for $9.3M to Sunburst Station LLC, an entity affiliated with Phillips Edison & Company based in Cincinnati, Ohio.

The seller in the transaction was the Sunburst Plaza Company, LLC based in Beverly Hills, Calif.  The anchor tenant occupying Sunburst Plaza is a 56,000 square-foot Fry’s Food store (Kroger), originally developed in 1987.

The grocery store has recently gone through an expansion and remodel over the last couple years in addition to adding a Fry’s fuel pump pad.

Additional tenants occupying the center include Epic Thrift, H & R Block, Just Brakes, Fresh Vitamins, as well as numerous local tenants. The grocery anchored center is located within an infill location on a major arterial road with traffic counts that exceed 55,000 vehicles per day at the intersection.

The transaction was negotiated by Nick Miner, CCIM and Andrew Harrison of ORION Investment Real Estate based in Scottsdale.

“The buyer has been focused on acquiring this asset for over two years, due to the existing debt that was encumbering the property we had to be patient with the seller. In the end we believe the seller and buyer walked away from the transaction very satisfied,” said Vice President Andrew Harrison.

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February 2015