Northstar Commercial Partners Announces Sale of Surprise, Arizona Retail Building
DENVER, July 17, 2019 /PRNewswire/ -- Northstar Commercial Partners is pleased to announce the sale of its property located at 12100 N. Dysart Road, Surprise, Arizona, USA, for $2.6 million. The 17,394 SF retail building, located on 2.5 acres, was purchased in 2015 by a Northstar affiliated entity as one of 24 total assets in a portfolio acquisition totaling $224.3 million.
"We enjoy acquiring and enhancing vacant or near-vacant buildings. This allows us to sign leases with new tenants, which creates value for our investors. This also creates jobs and value in a local community," said Brian Watson, Founder & CEO of Northstar. "In addition to actively pursuing new commercial acquisitions in Arizona, we currently own two other properties in the Phoenix area."
Surprise, Arizona is located 24 miles northwest of Phoenix, and is one of the fastest-growing municipalities in the greater Phoenix metropolitan area. Upon acquisition, the asset was approximately 10% leased to one tenant. After an aggressive lease-up strategy, the property was sold to a local real estate investor.
Cary Wicker, Director of Asset Management at Northstar Commercial Partners, said, "The demand in a growing area, paired with a high-quality retail asset, created the right opportunity for Northstar. We appreciate our brokers who were successful at finding the right buyer and executing the sale."
In addition to the sale of the 12100 N. Dysart Road property, Northstar also sold an adjacent, 418,000 SF industrial building in February 2019 for $24,100,000. Northstar has owned multiple assets in Arizona during the company's 20-year history.
Watson concluded, "Arizona has been a good market for Northstar. I'm proud of our team for setting goals and creating value. I'm looking forward to investing more in the Arizona market as it's been mutually beneficial for our investors, tenants, and the local communities."
Northstar specializes in buying vacant, distressed, value-add, and income-generating assets throughout the United States, in order to help stabilize properties, and create jobs and opportunities for thousands of people. Since Watson founded the company in 2000, Northstar has closed more than 140 deals, and currently has 46 retail, office, industrial/warehouse, medical, senior care, data centers, and day care facilities in 15 states under its investment, development, and management. The portfolio exceeds $1.36 billion of market value.
To learn more about Northstar Commercial Partners, please visit www.northstarcp.com.
Media contact: Nick Pennebaker
[email protected]
SOURCE Northstar Commercial Partners
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