Phoenix, Ariz. (August 24, 2017) - Litwin Management, a full-service property management company, has purchased Laveen Village Marketplace for $14,200,000. Kidder Mathews commercial real estate broker, Jenette Bennett, represented Litwin Management in the transaction, along with Patrick Luther of SRS in Newport Beach, California. The seller was PASSCO Companies, LLC, a national real estate investment firm.
Laveen Village Marketplace is located at Baseline Road and 51st Avenue in Laveen, Arizona. The 56,747 square foot retail center, is anchored by Fry's Food & Drug and Home Depot.
The Laveen market currently has record low vacancy, with new construction on the horizon. The development of the Loop 202 freeway will continue to bring growth momentum to this community. In general, suburban cities pushing the boundaries of Metro-Phoenix, like Laveen, are a draw to net leased retail investors and tenants alike due to their new housing development, community and family-friendly atmospheres, affordable cost of living, and ease of access to major employment hubs through the constantly improving freeway systems.
"Litwin Management owns properties in several states, and could have purchased an investment anywhere, but was attracted to this location after it was presented with a market profile including specific sale and lease transactions I had completed over the last few years," said Bennett.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with nearly 800 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $5.6 billion in transactions, manages over 46 million square feet of space, and conducts 1,300 appraisals annually. For more information, visit kiddermathews.com.