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Litwin Management has acquired the 56,700 SF Laveen Village Marketplace in Laveen from Passco Cos. for $14.2M. The property, at 5210-5270 West Baseline Road, is anchored by Home Depot and Fry's Food & Drug.
The area is characterized by record low vacancy rates, Commercial Property Executive reports. The construction of the Loop 202 freeway nearby is likely to increase investor and developer interest in the submarket.
LA-based Litwin owns and operates shopping centers, office buildings, apartment buildings and single-tenant net lease properties. The company's primary focus is on Arizona and California properties.
Kidder Mathews' Jenette Bennett and Patrick Luther of SRS in Newport Beach represented the buyer in the Laveen deal. Earlier this month, Kidder Mathews was retained as the new property manager for Cabot Business Center, a 110K SF industrial/flex property in Phoenix.
