Cushman & Wakefield sells 156,000 SF to Southwestern Property Corp.
|PHOENIX, June 26, 2019 – On behalf of New York-based Carlyle Development Group, Cushman & Wakefield sold a portion of Metrocenter Mall – the former JCPenney’s – to Denver-based Southwestern Property Corp. The property located at 9617 N. Metro Parkway in Phoenix sold for $3.17 million.
Brent Mallonee, Don Arones and Greg McMillan of Cushman & Wakefield’s Phoenix office represented the seller in the transaction. Mallonee stated, “We’re pleased to be able to work on behalf of Carlyle on this transaction and the continued repositioning of this iconic property in the heart of Phoenix. We look forward to continuing our role in the evolution and next life of Metrocenter.”
Southwestern Property Corp. plans to redevelop the former 156,000-square-foot (SF) JCPenney’s into a high-end self-storage and boat/RV storage facility, or entertainment uses.
Metrocenter Mall includes 686,000 SF of existing buildings located on a 52-acre portion of a 130-acre Planned Unit Development (PUD) site in North Phoenix. Metrocenter represents the opportunity to redevelop a large regional suburban mall into an urban central core mixed-use project that is envisioned to have high density, multifamily housing, employment, retail, entertainment, and enhanced transit opportunities including an on-site future light rail station and existing bus station.
The potential mixed-use redevelopment site allows for a variety of uses including retail, office, multi-family, senior housing, healthcare, education, and much more. The site is currently configured with three existing anchor tenant buildings and a two-story enclosed mall building all of which can be re-adapted for new uses or removed to accommodate new construction under the very flexible PUD. The property is also located in an Opportunity Zone.
|About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.