LOCATED IN GOODYEAR, ARIZONA, PALM VALLEY PAVILIONS WEST FEATURES BEST BUY, TOTAL WINE, ROSS DRESS FOR LESS, BARNES & NOBLE, ULTA, AND MORE
NORTHBROOK, Ill. (October 30, 2018) – A fund managed by New York-based DRA Advisors has partnered with Northbrook-based Pine Tree, LLC, to acquire the 233,000-square-foot Palm Valley Pavilions West shopping center in Goodyear, Arizona – approximately 17 miles west of downtown Phoenix – for a purchase price of $44.8 million. This is DRA’s first acquisition with Pine Tree.
First developed in 1994, and later redeveloped in 2002, Palm Valley Pavilions West is located in the retail corridor at the intersection of Litchfield Road and McDowell Road with convenient access from Interstate 10. Anchored by Ross Dress for Less, Best Buy, Total Wine & More, Ulta and Barnes & Noble, the shopping center also features a complementary mix of quick-service restaurants and small shops.
“DRA is excited to partner with Pine Tree on this acquisition. We look forward to expanding this relationship in the future,” said Brett Gottlieb, Managing Director at DRA Advisors. “This is a great shopping center that has performed extremely well and we are pleased to add it to our national retail portfolio.”
The deal was brokered by Newmark Knight Frank. Financing was arranged by Draper & Kramer.
About Pine Tree:
Pine Tree, LLC is a Northbrook, Illinois-based full-service real estate company specializing in retail. Since its founding in 1995, Pine Tree has completed over $2.1 billion in transactions. The company’s projects are located across the United States.
About DRA Advisors, LLC:
DRA Advisors LLC is a New York-based registered investment advisor specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, foundations, and insurance companies. Since DRA was founded in 1986, the firm has acquired over $29 billion in assets, including 59 million square feet of retail space, 51 million square feet of office space, 47 million square feet of industrial properties, and 69,000 residential units. DRA currently has $10 billion in assets under management. Additional information on DRA Advisors LLC is available at www.draadvisors.com.
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