An affiliate of Phoenix Investors, LLC recently sold Centro Plaza, a retail power center of approximately 116,000 square feet located at 400 North 48th Street, for $16,785,000 to an investment group including IntVent – CP, LLC, Westmore Equities, LLC and Mt. Hawley Associates, LLC.
Centro Plaza had been a cornerstone of Phoenix’s portfolio for over twenty years. Until recently it was anchored by one of the largest Best Buy’s stores in the United States, and the only Best Buy in the Lincoln metropolitan area for 20 years. Given the current reduced footprint requirements for Best Buy’s prototype in an e-commerce environment, an opportunity arose to re-position the shopping center for the next decade. In recent months, Phoenix consummated leases with national anchors including DSW, Michael’s, and Beauty Brands in the space formerly occupied by Best Buy. TJ Maxx, another successful anchor tenant at Centro Plaza for over twenty years, agreed to a lease extension as part of the planned renovations. By fall, 2015, the renovation of Centro Plaza will be complete and the new anchor tenants will be in occupancy.
The transaction was brokered by John Dewhurst of Red Legacy Brokerage and Ember Grummons, Investors Realty, LLC, both of Omaha.