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LNR Partners LLC.  PROPERTIES FOR SALE

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PROPERTY LOCATION
Park Northern
8021-8129 North 35th Ave & 3428 West Northern Ave
Phoenix, Arizona 85051
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PROPERTY SUMMARY
Type: Retail
Class: C
Price: Contact Broker   Auction
Measurement/Yardstick: 127,023 Sq Ft
Number of Buildings: 5
Number of Floors: 1
Occupancy: 35%
Year Built: 1980
Year Renovated:
PROPERTY DESCRIPTION
A 1980 vintage, Class C, 127,023 sf grocery anchored retail center in Phoenix, about 11 miles NW of the CBD. On 7/11/18, the 51,511 sf Safeway anchor burned to the ground in a 100% casualty event. Safeway used the casualty to exercise their termination right. As such, the center is now 35% occupied and is missing it's 51,511 sf box on the southernmost endcap. The property sits on a 14.983 acres with pads that include Chucky Cheese and Loan Max. It's on a ground lease running thru 7/2035 with four 10-yr options. Rents is $100K flat thru term/options. There is also % rent component that is projected to add $41K/yr. Ground rent was $215K total prior to Safeway leaving.
Park Northern

For more information contact  

Bob Young
CBRE
bob.young@cbre.com
Tel: 602-735-5576
http://www.cbre.com


Any information that may be provided by LNR Partners, LLC. under this “General Property Information” is for informational purposes only and is subject to change at any time without notice at the sole and absolute discretion of LNR Partners, LLC. This is not to be construed as an offer, commitment or promise of any kind by LNR Partners, LLC. Please contact the appropriate individual referred to above for more information on this property. The information provided herein has been obtained from third party sources. While LNR Partners, LLC. has no reason or basis to doubt the accuracy of such information, LNR Partners, LLC. makes no guarantee, covenant, warranty or representation about its accuracy and disclaims any liability with respect thereto. It is your responsibility to confirm that this information is accurate and complete.

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