RA Centers Buys Phoenix-Area Retail Asset

Palm Valley Pavilions West was built in 1994. Image courtesy of Vestar

RA Centers has purchased Palm Valley Pavilions West, a 232,573-square-foot power retail center in Goodyear, Ariz. The new owner selected Vestar as the manager for the shopping center, which was 99 percent leased at the time of the sale.

Cushman & Wakefield brokered the transaction, with Executive Managing Directors Michael Hackett and Ryan Schubert working on behalf of the seller.

Pine Tree sold the asset, according to CommercialEdge data. The same source shows that Pine Tree acquired the property back in 2018 for $44.8 million, with Allianz Insurance Co. providing a $29.9 million loan.

Located at 1400 N. Litchfield Road, the power center is within one of the fastest growing areas of the Greater Phoenix metro. Palm Valley Pavilions West is near Interstate 10, which provides direct access to downtown Phoenix.

Completed in 1994, Palm Valley Pavilions West comprises five buildings on 25.4 acres. Anchored by Ross Dress for Less, Best Buy, Total Wine & More, Ulta and Barnes & Noble, the property also features a diverse mix of regional and national tenants such as Bath & Body Works, Famous Footwear, Kirkland’s, Sunset Spa & Pools, Five Below, Wendy’s, Subway, Chipotle and First Credit Union.

Palm Valley Pavilions West represents the 19th property managed by Vestar in Arizona. The company operates a total of 63 shopping centers totaling more than 30 million square feet across the western U.S. Vestar and DMB Associates have recently landed six anchor tenants at a 512,000-square-foot future shopping center in Buckeye, Ariz.