LUCESCU REALTY Selected by W.M. Grace Companies to Market for Sale Two (2), Grocery Anchored, Neighborhood Shopping Centers
LUCESCU REALTY, a market leading investment real estate brokerage firm, announced today that they have been awarded the disposition assignment on two (2), grocery anchored, Neighborhood Shopping Centers, owned by W.M. Grace Companies, one of the premier development companies in Arizona.
The two (2) offerings include the Bashas’ Shopping Center, Lake Havasu City, AZ and Queen Creek Marketplace, Queen Creek, AZ.
The Lake Havasu City property is anchored by a high-grossing Bashas’ grocery store. The Bashas’ store is reported to be the highest grossing store in the Company’s 54 store chain. Bashas’ was founded in 1932 and is headquartered in Chandler, Arizona. The Company is privately-owned and operates over 100 stores under the banners Bashas’, Food City, AJ’s Fine Foods and Eddie’s Country Store. Bashas’ has been operating their store within the subject property since 2001 (when the property was initially built). Their store has an in-store Starbucks, Wells Fargo Bank, with multiple tellers, and has individual departments for a pharmacy, flowers, produce, deli, bakery, butcher and wine & liquor.
The Property is located at the Northeast Quadrant of Highway 95 & Oro Grande Boulevard and possesses a strong tenant roster as 86% of the leased GLA is occupied by regional and national tenants that account for 90% of the Total Annual Rent. Included in the Offering is an undeveloped, land parcel, that is ideally situated on the hard corner of the Property and can be developed as shops, restaurants or a gas station. The Property is being offered on an All Cash basis “free and clear of existing debt” allowing a Buyer to obtain maximum leverage at today’s favorable interest rates.
Lake Havasu City attracts an estimated 1,150,000 visitors a year thanks to its beaches, luxury resorts (London Bridge Resort, Queens Bay Resort), shopping, bars and nightlife, boating and fishing, hiking, golf and other recreational sports (Havasu 95 Speedway), as well as city-wide events, parades (Havasu Balloon Festival and Fair), and tournaments (New Horizons Pro Am Bass Tournament).
Queen Creek Marketplace is also anchored by a Bashas’ grocery store. The Property is located at a signalized intersection at the Southwest corner of South Power Road and East Chandler Heights Road. Currently 100% leased; over 80% of the shop space is leased to “daily needs” retailers, including restaurants, dentists, nail salons, a dry cleaner, and a gym, providing an excellent barrier against internet competition.
Maricopa County, where the property is located, has been recognized as the fastest growing county in the country for three consecutive years and is now the fourth most populous county in the nation. Queen Creek is one of the highest growth areas in Arizona and has seen their population grow 1,070% since 2000. It is also one of the most affluent trade areas in the Phoenix MSA. Within a 1-mile radius, the 2019 Average Household Income was $126,811 and within a 5-mile radius the 2019 Population was 123,696. The Property is being offered on an All Cash basis “free and clear of existing debt”.
The properties are being offered individually or together.