NEWQUEST PURCHASES $150M RETAIL PORTFOLIO FROM PHILLIPS-EDISON
PHOENIX — Newquest-Epic Investments LLC has acquired nine retail properties in six states from Phillips-Edison Shopping Center Fund IV REIT LLC, for $150 million. Known as the Phillips-Edison Fund IV portfolio, the properties total more than 1.35 million square feet.
Jesse Goldsmith and Steve Julius of CBRE’s Phoenix office, along with Christian Williams and Gleb Lvovich of CBRE’s National Retail Investment Group, negotiated the transaction between Austin-based Newquest-Epic and Cincinnati-based Phillips-Edison.
Goldsmith and Julius focused on the portfolio’s Phoenix asset, the Village Center, located at 4304 E. Cactus Road in the Paradise Valley submarket. The 159,425-square-foot retail center is anchored by a Target and sits directly west of Paradise Valley Mall.
Goldsmith describes The Village Center, developed in 1986, as a “high-performing property.”
“I anticipate that center will only become more successful in the future,” says Goldsmith. “The property is highlighted by a high-performing Target store anchor on a below-market ground lease. Village Center is a Class A asset, as were two other properties in the portfolio, which makes this offering unique as there is a lack of Class A product currently on the market.”
— Haisten Willis