CVP acquired this 74,375 square foot neighborhood shopping center in February of 2015 on the northwest corner of 51st Avenue & McDowell Road in the city of Phoenix. The property is a well-located infill center in need of a more engaged ownership group to spruce up the parking lot, landscaping, tenant mix and engage potential pad development opportunities. The demographic nature of this project complements our strategy to engage in Hispanic oriented retail markets.
We have successfully extended our grocer anchor tenant’s lease and worked to extend the leases of the property’s key shop tenants. Food City completed a thorough store renovation during the summer of 2016 and now presents a fresh look to their loyal customers. In order to improve our tenant mix, we secured a long-term lease with Dollar Tree Stores, Inc. and moved a long-term tenant, Acco Mart to a smaller sub-anchor space. Risas Dental & Braces opened in a newly constructed pad building during the summer of 2017. We have also completed new shop tenant leases with Best Buy Insurance, The Command Center, and Facil Financial.
Arcadia Management Group heads up the property management efforts for the asset and Beau Flahart, Rommie Mojahed, and Eddie Gonzalez of SVN Desert Commercial Advisors lease the project. Tim Storey and Chad Metzger from Newmark Realty Capital brokered the financing with our life insurance company lender, Symetra. Dave Murphy and David Bernstein at Bernstein Murphy represented CVP on this acquisition.