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August 24, 2017

Laveen Village Marketplace sells for $14,200,000

AZ Big Media

AZRE

Litwin Management, a full-service property management company, has purchased Laveen Village Marketplace for $14,200,000. Kidder Mathews commercial real estate broker, Jenette Bennett, represented Litwin Management in the transaction, along with Patrick Luther of SRS in Newport Beach, California. The seller was PASSCO Companies, LLC, a national real estate investment firm.

Laveen Village Marketplace is located at Baseline Road and 51st Avenue in Laveen, Arizona. The 56,747 square foot retail center, is anchored by Fry's Food & Drug and Home Depot.

The Laveen market currently has record low vacancy with new construction on the horizon. The development of the Loop 202 freeway will continue to bring growth momentum to this community. In general, suburban cities pushing the boundaries of Metro-Phoenix, like Laveen, are a draw to net leased retail investors and tenants alike due to their new housing development, community and family-friendly atmospheres, affordable cost of living, and ease of access to major employment hubs through the constantly improving freeway systems.

"Litwin Management owns properties in several states, and could have purchased an investment anywhere, but was attracted to this location after it was presented with a market profile including specific sale and lease transactions I had completed over the last few years," said Bennett.

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