September 21, 2021 11:00 AM
Newmark’s senior managing directors, Steve Julius and Jesse Goldsmith, and managing partner Chase Dorsett represented the seller, Boros Investments.
The buyer, LJ Mainstreet Holdings, has always been an investor in multi-family properties. This purchase represents the company’s first foray into shopping centers. Rising prices and unprecedented demand in the multi-family sector prompted the company to diversify its portfolio into commercial properties in search of higher returns. Apart from this transaction, LJ Mainstreet Holdings also acquired two undeveloped plots of land adjacent to Grand Village Center from a different vendor, with the intention of developing the plots into additional commercial buildings.
“Grand Village Center is a great choice for the buyer’s first foray into commercial real estate,” Julius said. “The property is 100% leased and attracts traffic from the Walgreens located in the same parking lot. With its favorable fundamentals and desirable location, this center should prosper for years to come. “
Grand Village Center is a 100% occupied, eight-tenant mall located at 14273 and 14291 W Grand Avenue in Surprise, Arizona. The property is located in a busy hallway adjacent to a Walgreens and located on the southeast corner of Parkview Place and Mountain View Boulevard. The property measures 25,653 square feet and sits on 4.44 acres of land. It is fully leased to eight tenants, including Church for the Nations, Zona Communications, D’Ambrosio Full Service Salon and Master Taco Restaurant.
Julius, Goldsmith and Dorsett continue to be active, completing 21 deals since the start of the year with five properties under contract, confirming the strong market fundamentals of Metro Phoenix, the recovery of the retail sector and the expectation of continued growth for the market.
Newmark Group, Inc. (Nasdaq: NMRK), along with its subsidiaries (“Newmark”), is a global leader in commercial real estate, seamlessly fueling every phase of the property lifecycle. Our full range of services and products are uniquely tailored to each client, from owners to occupants, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues of over $ 1.9 billion. Newmark, together with its London partner Knight Frank and independent licensees, operates worldwide from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
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