Brixton Capital Buys Phoenix Retail Center
Weingarten Realty Investors sold the fully leased Palmilla Center with help from HFF’s Managing Director Bryan Ley. The shopping center is anchored by Fry’s Food & Drug.
By Alex Ciorogar
Palmilla Center
Brixton Capital has bought Palmilla Center, a 103,568-square-foot grocery-anchored shopping center located at 1555 North Dysart Road in Avondale, Ariz. The sale also included the Chase Bank and new Arizona Federal Credit Union buildings. HFF Managing Director Bryan Ley represented the seller, Weingarten Realty Investors, while Brixton Capital represented itself.
At the time of the sale, the asset was 100 percent leased to a mix of national, regional and local tenants, according to Brixton Capital. Fry’s Food & Drug, PetSmart, OfficeMax, Dollar Tree, Ono Hawaiian BBQ and H&R Block are just some of the property’s tenants.
“Palmilla was an excellent opportunity to acquire a stabilized, institutional-quality asset in a growing market that will produce immediate, high cash yields with long term upside potential,” said Bob Emri, CIO of Brixton Capital, in a prepared statement.
The Shops at Alameda Crossing and Walmart Supercenter are both located nearby. Interstate 10 is also easily accessible from the property.
Image courtesy of Brixton Capital
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