pecan promenade

Opportunistic Stabilized Case Study (active)

Pecan Promenade

The Opportunity

• Off-market acquisition of a 2006 constructed, 141,500 SF multi-tenant retail property located in the Phoenix submarket of Tolleson, Arizona

• CIRE will immediately benefit from high project occupancy (approximately 88% at acquisition) and steady cash flows from national and regional retailers

• National retailers include Ross, LA Fitness, Kirkland’s, Dollar Tree and Starbucks

Value-add Strategy

• Basis/risk reduction strategy includes the potential partial sale of a parceled portion of the center, resulting in a significantly reduced effective basis and significantly increased cap rate to adjusted basis

• Immediate implementation of a local/regional rebranding campaign to reintroduce the asset and new ownership to the marketplace

• Lease-up of the remaining vacancies and the implementation of CIRE’s hands-on operational practices, designed to improve financial performance through realized efficiencies and reduced operational costs

Property Description

Property Type:
Multi-tenant Retail

Sub-Market:
Phoenix (Tolleson), AZ

Number of Bldgs:
Five (5)

SF / Acres:
141,500 SF / 16.15 acres

Year Built:
2006

Current Occupancy:
88%