ACD ACQUIRES SHOPPING CENTER PORTFOLIO IN LAVEEN VILLAGE, AZ FOR $20.6M
Denver, CO (March 4, 2022) — Armstrong Capital Development (“ACD”) announces it has completed the purchase of Shops at Laveen Village, four retail parcels located in Laveen Village, Arizona, for $20.6 million.
The buyer, Armstrong Capital Development (https://www.acd-co.com) recently acquired The Plant Shops center consisting of four retail buildings totaling 30,820 square feet, located at the southeast corner of Gilbert and Ocotillo in Chandler, AZ in July 2021, and is actively pursuing other commercial real estate opportunities in the market. This acquisition marks the fourth retail purchase by ACD in the Phoenix market within the last three years.
“This latest acquisition is consistent with our strategy to acquire high quality, complementary retail assets with strong tenant rosters and superb locations,” said Josh Katzer, Partner and Director of Development at Armstrong Capital Development. “As a core asset that we believe possesses all of the needed features for long-term value, Laveen Village makes a terrific addition to our portfolio.”
Situated at 5120 – 5160 W Baseline Rd, the portfolio features four parcels, shadow to a high-performing Fry’s Food & Drug. The four buildings, comprised of 39,763 square feet, are 100% leased to a strong mix of internet-resistant tenants, including Starbucks, Chipotle, McDonald’s, and Wells Fargo, to name a few.
“This is a shopping center that hits on nearly every single criterion we look for in a retail acquisition: high traffic intersection fed by the dominant grocer in the trade area, shops with high visibility, a long-tenured stable tenant base, and a great mix of strong-performing tenants” said Katzer. “We’re very excited to add this shopping center to our portfolio and further expand our footprint in the Phoenix market.”
About Armstrong Capital Development
Founded in 2005, Armstrong Capital Development is a Denver-based private development company that acquires, develops and manages opportunistic commercial real estate investments in the Intermountain West, with a focus on both value-add and stabilized assets.