11North Partners has acquired Arizona Grocery Portfolio, a seven-property, 422,949-square-foot grocery-anchored retail portfolio located across Phoenix and Tucson, Ariz., for $108.7 million.
The portfolio is positioned along high-traffic corridors across multiple submarkets in both metropolitan areas. The seven properties benefit from limited retail supply in their surrounding trade areas and feature below-market rents that provide significant value-creation opportunities. Operating at 96 percent occupancy, the portfolio is anchored by Fry’s Food & Drug and features a diverse tenant mix, including daily-needs and necessity-based retailers serving each community.
The properties deliver strong cash flow through their grocery-anchored format while offering investors mark-to-market opportunities through tenant curation and lease renewals. The Phoenix and Tucson markets continue to attract retail investment capital due to population growth, favorable business climates
