Brixton Capital recently purchased a grocery-anchored shopping center, located at SEC Dysart & McDowell Road in Avondale, Arizona, from Weingarten Realty (NSYE: WRI), for an undisclosed price.
Palmilla Center, with 103,568 square feet of leasable space, is 100 percent leased to a mix of national, regional and local tenants, including Fry’s Food & Drug (NAP) (NASDAQ: KR), PetSmart, OfficeMax, Dollar Tree, Ono Hawaiian BBQ and H&R Block. The sale also included the Chase Bank and new Arizona Federal Credit Union pad buildings. Palmilla marks Brixton’s first acquisition of 2018 and its fifth acquisition in the last six months.
According to Bob Emri, Chief Investment Officer of Brixton Capital, “Palmilla was an excellent opportunity to acquire a stabilized, institutional-quality asset in a growing market that will produce immediate, high cash yields with long term upside potential.”
Weingarten Realty was represented by Bryan Ley at HFF. Brixton Capital represented itself.
Brixton Capital is a preeminent private real estate investment firm that seeks to generate outstanding, risk-adjusted returns by unlocking embedded value in commercial real estate transactions spanning all property types. Headquartered in Solana Beach, California, Brixton is led by a team of seasoned real commercial real estate experts with an average of more than 25 years of experience.
Brixton currently owns and operates a portfolio valued in excess of $1 billion, representing over 10 million square feet of retail, multi-family, office, industrial and land investments across the United States and Europe. In 2017, Brixton Capital was ranked as one of the Top 50 Owners by Commercial Property Executive.