Jean Paul Wardy Of CenterCal Properties Acquires Park West Shopping Center In Peoria For $116.7M

The retail asset involved in the transaction is a 45-acre shopping center located at 9744 West Northern Avenue, Peoria, AZ. The property was sold for a total of $116,700,000. It spans 261,096 square feet, resulting in a price per square foot of $447.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $116,700,000
• Buyer: Jean Paul Wardy - CenterCal Properties
• Seller: Joshua Volen & Trevor Smith - CIRE Equity
• Market: Peoria, AZ
• Acreage: 45 acres
• Square Footage: 261,096
• Price per Square Foot: $447

This transaction highlights the involvement of California-based CenterCal Properties, which completed the acquisition from CIRE Equity. Notably, CIRE Equity purchased the property for $34 million in 2017, indicating a significant increase in value. The shopping center includes various restaurants, shops, and a Harkins Theatre, along with six development sites that offer the potential for nearly 150,000 additional square feet of space.