28570 El Mirage Rd Peoria, AZ 85383

Property Details for 28570 El Mirage Rd

Year built

2008

Lot size

2.63 lot acres

Property size

22,628 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional 22,628 square foot shopping center in Peoria, Arizona, presents a compelling value-add investment opportunity. Located at the entrance to the highly-rated Vistancia master-planned community, this two-building, single-story property boasts 100% occupancy with seven corporate-guaranteed tenants. Built in 2008, the property sits on 2.63 acres and features a strong NOI of $607,424, yielding a current cap rate of 6.79% and a pro-forma cap rate of 9.06%. The asking price is $8,950,000 ($395.53/sq ft). Benefitting from staggered lease terms, rent bumps, and a necessity-based tenant mix, including a shadow-anchored Walgreens, this investment offers significant upside potential. The affluent community surrounding the property, with over 17,000 housing units and average household incomes exceeding $157,000 within a one-mile radius, ensures a robust customer base. Peoria's rapid growth further enhances the long-term value of this strategically located asset. The property's location at the gateway to Vistancia, a top-ranked master-planned community, provides exceptional visibility and accessibility. This is a rare opportunity to acquire a well-positioned, high-performing retail center in one of Arizona's fastest-growing areas. The property's APN is 503-99-988 and is offered as a 1031 exchange opportunity. The lease type is NNN.

Location Insight

City

Peoria

County

Maricopa

State

Arizona

Longitude

-112.323

Latitude

33.7426