- 131,117 square foot community shopping center.
- Located at the fully signalized interchange of Ray Road and Kyrene Road in the affluent and densely-populated Chandler neighborhood of Phoenix, AZ.
- Acquired in January 2016 for $14.8mm.
- 62% leased at acquisition; vacancy included former anchor movie theater and former junior anchor Fresh & Easy grocery store.
- Business plan to complete cosmetic upgrades to lease up the anchor and inline vacancies, and selectively sell individual retail parcels.
- Sold the Walgreens parcel within three months of taking ownership.
- Leased the former Fresh & Easy junior anchor space to Natural Grocers, and sold within six months of ownership.
- Increased occupancy to 89%, including leasing the former anchor movie theater to one of the largest and most creditworthy churches in the U.S.
- Actively marketing the remaining property for sale.
Property investment was completed by an affiliate of the Sponsor of 1st Streit Office, Inc. as part of one of its prior programs, and is not included in the current offering of 1st Streit Office, Inc. For more information, please refer to to the Offering Circular at streitwise.com/oc. All information as of 1/15/20.