Armstrong Capital Development, LLC
(303) 799-4030 x231
July 24, 2019
Denver, CO - Armstrong Capital Development, LLC (“ACD”), a Denver-based private equity real estate investment, development and management company announced it has acquired The Shops at Union Hills, a 9,700 SF retail shopping center located on 1.29 acres in the greater Phoenix metro suburb of Glendale, Arizona. ACD purchased the property from Georg-Liesl Land Management Company LLC in July for $5,050,000.
Located at 8285 W Union Hills Dr, The Shops at Union Hills becomes ACD’s first retail undertaking in Arizona. The Shops at Union Hills further expands ACD’s growing portfolio of retail centers in the Western US while advancing its strategy of acquiring well-located, e-commerce resistant assets that provide a compelling balance of reliable income and additional development opportunities.
“We are very pleased to have invested into the Phoenix market, specifically in Glendale, an area that was particularly attractive to us owing to its strong demographics, exceptional growth and commercial vitality,” said Jarrett Armstrong, Partner at ACD. “In The Shops at Union Hills, we immediately recognized an outstanding fit with our investment approach. From location and access to quality of tenancy and overall performance, it checks every box.”
The Shops at Union Hills is currently 100 percent leased to a diverse mix of e-commerce resistant tenants: T-Mobile, CR Smiles Dentistry, OneAZ Credit Union and Caramba Mexican Eatery. Situated at a high-profile intersection serving as the primary entrance into a Walmart Supercenter and Sam’s Club power center, The Shops at Union Hills benefits from a significant amount of daily traffic accessing the center.
“We are well-positioned to leverage our resources to realize the full potential of this acquisition, and have high expectations for this property going forward,” Armstrong said.