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SAN DIEGO – September 30, 2020 – ( Newswire.com )
REALM, in conjunction with a local partner Pennant Development, has purchased a 175,896-square-foot shopping center, formerly known as Metro Power Center, located at the southwest corner of North Metro Parkway West and West Cheryl Drive in Phoenix, Arizona, from Florida-based LNR Partners, LLC for an undisclosed price. The redeveloped center will be named Metro Pavilion.
In conjunction with the purchase, REALM and Pennant leased the property’s formerly vacant anchor space to Adelante Healthcare, a community health center serving more than 75,000 patients across nine locations throughout Arizona. REALM structured the transaction as a Qualified Opportunity Zone Investment.
Glenn Smigiel at CBRE represented the seller.
According to Travis King, REALM’s CEO, “The Metro Pavilion acquisition provided our investors with the