Investment Overview

The property is located in North Mountain Village, an established submarket in northwest Phoenix anchored by the 35th Avenue and Peoria Avenue corridor. This hard-corner intersection carries a combined 68,400 vehicles per day, with W Peoria Ave delivering 43,000 CPD and N 35th Ave contributing 25,400 CPD, positioning the site within one of the busiest retail nodes in northwest Phoenix. The surrounding area is undergoing significant transformation through The Metropolitan, an $850 million, 64-acre mixed-use redevelopment of the former Metrocenter Mall site located roughly a quarter-mile from the property. The project will introduce approximately 1,200 townhomes and 350 apartments, along with an estimated 3,000 new residents, substantially deepening the immediate consumer base within walking distance of the site. This redevelopment sits within the city’s broader Metro District plan, a targeted transit-oriented development initiative spanning 19th Avenue to 35th Avenue and Butler Drive to Peoria Avenue, signaling sustained municipal investment in the surrounding corridor for years to come. Transit access is reinforced by the Metrocenter light rail station, part of Valley Metro’s Northwest Extension Phase II, which opened in January 2024 approximately one to 1.3 miles southeast of the property and recorded over 60,000 boardings in a recent 12-month period. The corridor also sits roughly one mile from the I-17 Freeway Employment Corridor, capturing daytime commuter and workforce traffic. The broader trade area reflects an unmet retail demand of $1.8 billion, including $123 million specifically within the healthcare and personal care category, pointing to a deep, diversified base of local consumer spending. North Mountain Village itself supports more than 55 active retail listings, underscoring a well-established commercial ecosystem. Combined with Phoenix’s continued standing as one of the fastest-growing major metro areas in the country, the surrounding region offers a compelling long-term growth story for the next operator at this address.