park west

Opportunistic Stabilized Case Study (active)

Park West

The Opportunity

• In Q4 2016, Cire acquired a 68% occupied, 249,363 SF multi-tenant trophy quality retail property with an additional eight interior undeveloped pads and 18 acres of development land located in the Phoenix submarket of Peoria, Arizona

• CIRE is acquiring a meticulously constructed and maintained asset at approximately 36% of the original $96M construction cost

• Near-term opportunity to significantly reduce the risk profile of the investment through a break-up/ parcelization and disposition of multiple stabilized/highly marketable outparcel pads

• High sales volume from quality name brand national/regional tenants in the center including, Harkins Theatre, Victoria’s Secret, Bath & Body Works, Flemings, BJ’s Brewhouse (top grossing BJ’s in AZ), Chico’s, Vans, and others

• Significant upside including the potential future development of eight interior undeveloped pads and 9+ acres of developable land zoned for hotel, multi-family, office and educational uses; potential for immediate operating expense saving of 20% or more due to existing inefficiencies.

Risk Mitigation / Value-Add Strategy

• Near-term basis/risk reduction strategy involves the parcelization and potential disposition of multiple stabilized outparcel pads

• Stabilize the remaining vacancy through a roll-out of an aggressive hands-on leasing strategy utilizing above market tenant improvement packages and leasing commission incentives.

Property Description

Property Type:
Multi-tenant Retail

Sub-Market:
Peoria, Arizona

Number of Bldgs:
Fifteen (15)

SF / Acres:
249,363 SF / 64 acres

Year Built:
2008

Current Occupancy:
68%