Longpoint Acquires Phoenix Shopping Center
Lena Centers, a Longpoint Realty Partners division, has acquired El Monte Shopping Plaza, a 101,269-square-foot retail center in Phoenix. Primestor Development sold the asset for $17 million, according to CommercialEdge information. The property was 99 percent leased at the time of closing.
El Monte Shopping Plaza came online in 1962 and has since been continuously serving more than 160,000 people living within a 3-mile radius. Covering an 8.8-acre site, the property is anchored by El Rancho Market IGA, a Mexican and Hispanic specialty grocery store. Its tenant roster comprises 15 tenants, including Baskin-Robbins, Shoe Palace, ArchWell Health and USA Cash Services.
El Monte Shopping Plaza is at 8917 N. 19th Ave., just south of the Valley light rail and 12 miles from downtown Phoenix. Interstate 17 is also nearby.
Colliers Executive Vice President Mindy Korth and Vice President JK Jackson together with Vice Chair El Warner and Vice President Caitlin Zirpolo arranged the transaction.
Earlier this month, Longpoint purchased a slightly smaller retail center in Katy, Texas. JLL Capital Markets brokered the sale of the 96,486-square-foot asset that was completed in 1978.
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