Source: SimonCRE
SimonCRE closed on a former Safeway-anchored shopping center, Park Northern, located at the NEC of 35th and Northern avenues in Phoenix. The former Safeway burned down in a fire last July, due to storm damage causing a roof collapse and broken gas line.
Now, one year later, SimonCRE is set to redevelop and re-tenant the entire shopping center over the next several years with an investment of over $18M. The revitalization of Park Northern starts with backfilling the former Safeway footprint with a proposed 60KSF VASA Fitness. The national gym franchise aims to propel growth into every community it joins through an inclusive vision for membership.
“We’re grateful for the opportunity to rebuild a neighborhood center that needed a restart and are excited to welcome the community-driven VASA Fitness to Park Northern,” says Joshua Simon, Founder and CEO of SimonCRE.
In addition to being minutes from Interstate-17 and offering excellent visibility, Park Northern is situated at a signalized intersection with a dense surrounding population. Its availabilities range from ±750 – 17,822 square feet, with neighboring tenants including Subway, Chuck E. Cheese’s, H&R Block, and LoanMax Title Loans.
Completing the sale of Park Northern, which sits on approximately 15 acres, was not without a few bumps in the road. The site has had low occupancy for a while and the acquisition process involved some challenges to navigate including a leasehold interest being owned by a special servicer.
The first phase of the revitalization of this former Safeway-anchored shopping center is expected to be completed by early 2021 and is poised to accelerate growth in the area once redeveloped and re-tenanted for success again.
The different seller entities were represented by Bob Young and Glenn Smigiel of CBRE and Chris Doty of Marcus & Millichap. SimonCRE was represented by Sanford Burstyn of Marcus & Millichap on the fee simple purchase. Eric Termansen and Bryan Babits of Western Retail Advisors represented VASA Fitness. Bill Bones and Chris Ryan of CBRE are representing SimonCRE in leasing Park Northern.
Be the first to comment