PHOENIX (PRWEB) August 24, 2020
Alturas Capital Partners has added The Shops at 38th Street to the Alturas Real Estate Fund portfolio. The 23,021 SF neighborhood retail center is 100% occupied and is situated on 1.67 acres at 3720-3750 E Indian School Rd in Phoenix, AZ.
The Shops at 38th Street represents a unique opportunity to acquire a core retail property located in a dense, vibrant and rapidly improving area of Phoenix. This highly sought-after center is just west of several new developments in the Arcadia neighborhood.
The central location with its abundance of amenities and jobs keep the area thriving. The 5-mile radius around The Shops at 38th Street has a daytime population of nearly 554,000 people.
While the property is performing well as-is, lease rates that are currently below market and future redevelopment possibilities represent additional opportunity.
Key tenants include: BoSa Donuts, The Whining Pig, Crumbl Cookies, Team 44 Fitness and Club Pilates among several other successful retailers.
Travis Barney, President of Alturas Capital Partners noted, “We are fortunate to be working with excellent partners on this asset, including Chris Hollenbeck and Eric Wichterman of Cushman and Wakefield. This investment would not have been possible without their involvement.”
Chris Hollenbeck commented, “It was a pleasure working with Alturas Capital Partners on the acquisition of The Shops at 38th St. The real estate is irreplaceable as this specific area of Arcadia continues to gentrify. They have been ideal partners in understanding the value of the underlying real estate as well as the future rent growth as the retail demand in this area continues to increase.”
Nick Miner with ORION Investment Real Estate represented the seller.