In news from Phoenix, Arizona, two retail investment deals have closed there according to Cassidy Turley/BRE Commercial and Faris Lee Investments. A $14.6 million shopping center, Ridgeview Plaza, and a reported $5.4 million acquisition of Garden Lakes Centre.
Ridgeview Plaza is a 131,000 square foot center anchored by Basha. That center was purchased by MDC Property Services Ltd. of Calgary Canada, according to the news. The center, built in 1998, has been 82 percent occupied. As for the Garden Lakes sale, private investors from California purchased this 88,100 square foot shopping center, which is anchored by Dollar General and Savers. Its occupancy is just above 83 percent according to the news.
Cassidy Turley BRE Commercial is one of Southern California’s leading commercial real estate services firms. Dan Broderick is President and CEO of the firm established back in 1986. The firm completed over $800 million in transactions even in 2009, when most of the rest of the investments world was in hiding. Faris Lee Investments is one of the top ranked retail advisory and brokerage firm for commercial real estate in California. David Lee, Chairman and CEO of the company, has helped build what was a regional player into a firm with national reach. One reason for this success is Lee’s positive outlook and initiative even when no apparent advantage exists.
The video below from 2009 reflects this, and is a little bit of a learning opportunity for the rest of us. From an SEM and SEO standpoint, if you look at the Faris Lee company in Google News archives, you will find nearly 1000 news bits covering this company’s initiatives, not many real estate entities even come close.