Foothills Park Plaza Returning to its Former Glory

Article originally posted on HERE on June 8, 2016

Redevelopment of Foothills Park Plaza, 1241 E. Chandler Blvd., at the southwest corner of Chandler Boulevard and Desert Foothills Parkway in Ahwatukee Foothills is underway.

The 4,140-acre Foothills master-planned development has been named “Best Master-Planned Community” four times by the Home Builders Association of Central Arizona. Tenants at the intersection include Safeway, Walgreens, Bank of America, Ace Hardware, Chase, and more.

Foothills Park Plaza, a 20,173-square-foot retail center, closed for $3,125,000. The center was 78 percent occupied at close of escrow with a good mix of service and retail tenants. The transaction was negotiated by Ari Spiro and Sean Stutzman of ORION Investment Real Estate. The seller, Pacific West Land Development Company, headquartered in Bainbridge Island, Washington, has been one of the largest buyers of distressed retail assets over the past eight years. The buyer was Branch Investment Group out of Newport Beach, California, who are looking to grow their portfolio in the Phoenix market.

“The sellers originally acquired the property through a note acquisition,” Spiro said. “Being one of the most prolific buyers during this past downturn, Pacific West has developed a strong reputation of stabilizing once struggling assets and turning them around to functional properties that enhance the surrounding neighborhood.”

Stutzman added: “At 78 percent occupancy, the seller left some room in the deal for the buyer to further improve the occupancy, income, and value to the property. With an aggressive leasing platform, the new owner plans to add more great services to the Ahwatukee Foothills community.”