An Arizona retail power center is on the market for $20 million, with an 8.1%market capitalization rate. Sierra Vista SW, a Phoenix-based partnership, is selling the center and Marcus & Millichap isthe property.
"This property represents an unusual opportunity to acquire a high-profile, dominant shopping center at below replacement cost," says Sanford Burstyn of Marcus & Millichap. "As an, it offers an extremely strong tenant mix, stability of income and an excellent potential for future appreciation."
The 227,149 sq. ft. Plaza Vista Mall, originally constructed in 1988, is the dominant power center in the shopping region, according to Marcus & Millichap. The seller recently replaced anchors Miller's Outpost, Beall's and Fashion Bug with Marshall's and Greenbacks. Other tenants include Wal-Mart, Payless Shoes, Wells Fargo, Subway and Radio Shack.