glendale market square

Opportunistic Stabilized Case Study (active)

Glendale Market Square

The Opportunity
  • In Q3 2015 CIRE acquired a 221,388 SF multi-tenant retail property located on the Phoenix submarket of Glendale, Arizona

  • CIRE acquired the asset significantly below replacement cost and at an above market yield in comparison to other similarly constructed retail assets in the Phoenix metro

  • High occupancy rate (94% at acquisition) with attractive in-place cash on cash yields to investors

  • High visibility in-fill location on one of the busiest intersections in Glendale (NEC of Bell Road and 59th Avenue) with traffic counts averaging over 71,000 vehicles per day

Value-add Strategy
  • Basis/risk reduction strategy involves the parcelization and potential disposition of multiple outparcel pads thereby producing near-term distributable proceeds to investors and reducing the effective project basis of the remaining square feet of the center

  • Acquire a well-located, stabilized asset and aggressively apply asset management expertise to the property to maximize efficiencies, reduce costs, and enhance cash-flows

  • Roll-out of an aggressive hands-on leasing strategy for the remaining vacant suites utilizing generous tenant improvement packages and leasing commission incentives

Property Description

Property Type:
Multi-tenant Retail

Glendale, Arizona

Number of Bldgs:
Nine (9)

SF / Acres:
221,388 / 23.9 Acres

Year Built:
1992 & 1998

Current Occupancy: