Park Lee Retail Center

Cushman & Wakefield Represents Seller of Neighborhood Retail Center

PHOENIX, Jan. 11, 2016 – Cushman & Wakefield, a global leader in commercial real estate services, announced today that a company formed by Besyata Investment Group of Brooklyn, New York, purchased the  75,559 square foot Park Lee Shopping Center for $9.5 million. Cushman & Wakefield Executive Managing Directors Michael Hackett and Ryan Schubert negotiated the sale of the property at 17th Avenue and Camelback Road on behalf of the seller, companies formed by Kinetic Companies and ArciTerra Group of Phoenix.

“This center is situated in a densely-populated trade area providing it with a very stable customer base,” said Mr. Hackett. “There was strong upside in the project with the lease up the vacant shop space in a retail submarket that is experiencing shrinking vacancy and rising rental rates.”

Built in 1985, Park Lee Shopping Center is occupied by several national retailers including Goodwill, Blast Fitness, Little Caesars, Cricket Wireless and Rent A Center. The shopping center is located on Camelback Road and along Phoenix’s Metro Light Rail providing excellent access and visibility.  The ±5.69 acre center was ±83.3% occupied at the time of sale.

About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.