REALM Purchases 175,896-Square-Foot Shopping Center in Phoenix, Arizona

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Oct 01, 2020, 01:41 ET

SAN DIEGO, Oct. 1, 2020 /PRNewswire/ -- REALM, in conjunction with a local partner Pennant Development, has purchased a 175,896-square-foot shopping center, formerly known as Metro Power Center, located at the southwest corner of North Metro Parkway West and West Cheryl Drive in Phoenix, Arizona, from Florida-based LNR Partners, LLC for an undisclosed price. The redeveloped center will be named Metro Pavilion.

In conjunction with the purchase, REALM and Pennant leased the property's formerly vacant anchor space to Adelante Healthcare, a community health center serving more than 75,000 patients across nine locations throughout Arizona. REALM structured the transaction as a Qualified Opportunity Zone Investment.

Glenn Smigiel at CBRE represented the seller.

According to Travis King, REALM's CEO, "The Metro Pavilion acquisition provided our investors with the ability to purchase quality real estate at an attractive basis. The property benefits from an outstanding tenant in Adelante Healthcare which both serves the community and provides a strong and stable foundation to the center." Gordon Keig, Principal of Pennant Development, adds, "The repositioning of Metro Pavilion will breathe new life into this iconic Central Phoenix area."

REALM is a preeminent private wealth real estate platform, providing direct real estate investments to sophisticated investors including family offices, RIAs and private banks. REALM aims to unlock embedded value and generate durable cash flow from commercial real estate spanning all property types. Headquartered in Solana Beach, California, REALM is led by a team of seasoned commercial real estate experts with an average of more than 25 years of experience.

Pennant Development invests in and develops neighborhood shopping centers throughout the southwestern United States. Pennant, based in Scottsdale, Arizona, benefits from Gordon Keig's 35 years of experience as a broker, retailer and developer.

For more information, please email Travis King, Chief Executive Officer, at [email protected].

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SOURCE REALM