Colliers International in Greater Phoenix recently sold the 26,658-square-foot Fletcher Heights Marketplace in Peoria for $3.15 million, or $118 per square foot.
Daniel Ortega, a vice president, and Larry Ortega, an executive vice president; both of Colliers International, represented the seller, LB-UBS 2003-C7 Fletcher Heights Marketplace, LLC, of Phoenix.
The buyer, Eleven Investments, LLC, of Fargo, North Dakota, represented itself.
The Class B neighborhood retail shopping center, located at 20783 N. 83rd Ave., is primed for a new start with a 75 percent occupancy rate.
“Colliers International was selected by the seller because of our past successes in adding value to properties by attaining lessees in order to prepare the retail property for sale,” says Daniel Ortega.
Constructed in 2006, the center was anchored by a chain grocery store, which exited during the Great Recession. Part of the vacant space was converted into a thrift store.
“The loss of the anchor store was a major challenge in retaining tenants as well as adding new tenants to the center,” Ortega says.
Among the new retail tenants are Delex Realty, Planet Beach Spa and Farmers Insurance.
The area is a stable upper middle class neighborhood with new housing starting back up,” says Ortega. “The trade area opened up when the off-ramp at Union Hills became operable, allowing traffic to flow right by the center.”
“The area is making a slow comeback with service type operators trying to find space to service the local neighborhoods. As the economy recovers, this center will again flourish,” he adds.