PHOENIX – December 15, 2018 – Abington Emerson closed the sale of the Shops at Arizona Shopping Center (“Anthem” or the “Plaza”) in Anthem, Arizona.
The Ace Hardware anchored shopping center, located in the affluent Phoenix neighborhood of Anthem, was acquired in May 2017. At that time, it was 64% occupied, offering an immediate upside potential from leasing the available space. In the first year of ownership, Abington Emerson added seven new tenants to the Plaza, increasing occupancy to 96% and signed lease extensions with several existing tenants. The new tenants represent a well balanced, high-quality mix of retail and restaurant businesses that transformed Anthem into an important community center for the City.
Anthem was listed for sale in Q3 2018 and closed in Q4. The property was acquired by an out of state investor who owns multiple shopping centers in the Phoenix area. Abington Emerson was able to turn around its investment in Anthem in 18 months generating an investor IRR of over 40%.