PHOENIX – June 24, 2016 – In a move to bolster its Southwest portfolio, Abington Emerson acquired the Paradise Hills Shopping Center, an 85,000 square foot retail center located at 32nd and Shea Boulevard in Phoenix, Arizona.
Paradise Hills is a true value-add opportunity located in a desirable market. The center, which currently has 32% of its leasable space either vacant or occupied by below market tenants, was purchased at an attractive cap rate based on existing income. “With a strong core of long term credit tenants and the opportunity to secure new leases at significantly higher rates, we are excited to add this to our portfolio” said Brent Howard, Vice President, Southwest Region.
Paradise Hills is a neighborhood shopping center situated on 7.5 acres in a growing section of North Phoenix. The center is comprised of 78,433 square feet of in-line retail space along with two freestanding buildings totaling 6,617 square feet on an out lot fronting 32nd Street. The property is anchored by Ace Hardware and shadow anchored by a newly constructed Walgreens.
For this acquisition, Abington Emerson worked with Berkadia Commercial Mortgage to secure a 70% non-recourse loan with Starwood Mortgage Capital. Paradise Hills will be managed by Arcadia Management Group, a nationally recognized commercial property manager.