This Retail Property is Off-Market.

Priest and Elliott
Tempe, AZ 85284-1111 ·

248,042 SF · Retail For Sale

N/A

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The Groves

Price N/A Cap Rate 8.23%
Gross Leasable Area 248,042 SF Occupancy 100%
Property Type Retail Tenancy Multiple
Property Sub-type Power Center Year Built 1994
Property Use Type Investment Lot Size 21.95 AC
Listing ID: 105328 Date Created: 10/21/1999 Last Updated: 09/02/2003

Description

Built in 1994, The Groves currently totals 231,642 square feet and sits on a 21.951-acre site. An additional 16,400 square feet is currently under construction at the east end (end cap) of the main center.

Located at the intersection of Priest Drive and Elliot Road, The Groves enjoys a high profile, commercial location with exposure to 50,000 cars per day.

Highlights

  • The area surrounding The Groves continues to have the highest residential growth rate in the state of Arizona.
  • The Property draws patronage from a 10-mile radius with a population of 845,379. Growth within a five-mile radius of the Center form 1980 to 1998 was
  • The in-line tenants offer diversity of non-internet competitive goods and services, complementing the anchors.
  • Some of the highest income levels in the metropolitan area define the primary and secondary trade areas. Neighborhoods within the primary trade area
  • Below market rents provide upside for the investor. Contractual rates at The Groves are, on average, 10% below prevailing market rents.

Research

Priest and Elliott, Tempe, AZ 85284-1111

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