Continental Realty Corporation (CRC) completed a $54.3 million acquisition of Sundance Towne Center, a 203,525-square-foot regional power center in Buckeye.
Michael Hackett, Jimmy Slusher, Ryan Schubert, and Zach Aulick of CBRE represented Shin Yen Management, the seller, in this transaction.
The asset features nearly 50 retailers and restaurants, including PetSmart, Boot Barn, and Bealls Outlet, and was just over 94 percent leased at the time of the transaction. A Walmart Supercenter and Lowe’s Home Improvement store shadow anchor the center, which was delivered in 2008 and is located on a 32-acre site at the intersection of Watson Road and Interstate 10.
CRC’s CEO, JM Schapiro, said, “We have been extremely diligent in our search for a retail property in this market with an extremely high-performing tenant mix, while offering substantial upside potential to add value with sound leasing decisions.” CRC also has a renovation strategy for the property.
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