North Central News

Shopping center changes hands

The Park Lee Shopping Center, located at 17th Avenue and Camelback Road, recently was purchased for $9.5 million by a subsidiary company formed by Besyata Investment Group of Brooklyn, N.Y.

The 75,559-square-foot center was built in 1985 and is occupied by several national retailers including Goodwill, Blast Fitness, Little Caesars, Cricket Wireless and Rent A Center. It was sold by companies formed by Kinetic Companies and ArciTerra Group of Phoenix. The nearly 6-acre center, located next to the light rail line, was about 83 percent occupied at the time of the sale.

Cushman & Wakefield Executive Managing Directors Michael Hackett and Ryan Schubert negotiated the sale of the property on behalf of the seller.

 

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