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Colliers negotiates the sale of Westwind Plaza Shops in Avondale

Phoenix investor purchases fully occupied center

PHOENIX – Colliers negotiated the sale of Westwind Plaza Shops, located at 10555 and 10575 W. Indian School Road in Avondale, to a local investor. This marks only the third owner of the retail center since its construction in 2001.

“This sale serves as a great lesson in the importance of location, configuration and tenant mix to maintain full occupancy,” says Mindy Korth, executive vice president with Colliers in Arizona. “During the marketing and sales process, one tenant closed due to health issues and another downsized because of pandemic business slowdown. However, within 30 days both spaces were leased at higher rental rates than previously secured for those spaces. Then, just before closing, the center was brought to 100 percent leased status.” 

E11even Investments Inc. of Phoenix purchased the property from Westwind Plaza LLC of Peoria, Arizona. Korth and JK Jackson of Colliers in Arizona handled the sale transaction, in collaboration with Caitlin Zirpolo of the Colliers National Retail Investment Sales Team in Irvine, California. The buyer was represented by Scott Isacksen of Cushman & Wakefield.

Westwind Plaza Shops was originally constructed in 2001. The two-building, neighborhood retail center contains 21,187 square feet of space that is fully leased to 15 tenants. These two buildings are part of a larger, five-building retail center that act like a “Village Square.” This center is centrally located in the dominant retail corridor of Avondale, at 107th Avenue and Indian School Road. Strategically located adjacent to a Fry’s-anchored center, the tenant mix at Westwind Plaza Shops includes a diverse group of businesses including a medical practice, game store, bakery and several restaurants. The densely populated neighborhood surrounding the property has fueled success for small shop owners.

About Colliers
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.

Colliers in Arizona has served clients locally and globally for more than 40 years.
 

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Mindy Korth

Executive Vice President

Phoenix

As an executive vice president of investment services with Colliers, Mindy Korth is accomplished in all sectors of the investment real estate community, including office, medical office, retail, datacenters, high-finish industrial, commercial land, and unique projects across metropolitan Phoenix and nationally.

Mindy leads an investment sales team that includes Jenny Bassett, real estate analyst; Kelsey Robinson, client services coordinator; and Alyssa Smith, client services coordinator.

Mindy is focused on identifying investment opportunities, executing client strategy, establishing relationships between parties, and coordinating property financial analysis and due diligence. Her wealth of industry, market, property, and financial intelligence provides clients with the information they need to make informed decisions and complete successful investment transactions. She has completed transactions totaling more than 26 million square feet, and more than $4.6 billion in value.

Throughout her career, Mindy has been involved in each aspect of real estate, including new and rehab development, financial structuring deals in capital markets, leasing, management, site selection, network planning, acquisitions and dispositions programming, financial analysis, and underwriting.

 

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John Jackson

Vice President

Phoenix

As associate vice president for retail services with Colliers, John (JK) Jackson specializes in the sale and leasing of retail properties, representing landlords, tenants and investors. He has completed transactions on behalf of tenants and landlords for retail shopping centers, neighborhood centers and standalone properties.

JK has the proven ability to achieve results for clients through comprehensive market strategies, long-range planning, identifying opportunities to increase cash flow and developing solutions for excess vacancy. A consummate professional, he thoroughly analyzes the financial details of each transaction to ensure his clients' economic and business objectives are met. He carefully crafts leases to support growth, minimize risk and protect investments.

As an experienced leasing broker, JK brings a dynamic and innovative prospecting style to the table. He targets quality tenants that represent the least risk and complement the tenant mix of each property. He works diligently to match tenant requirements and available space to support location decisions. Through market research, demographics and traffic analysis, JK helps tenants make strategic decisions to support their long-term plans.

His experience spans 13 years as a commercial real estate agent in Greater Phoenix, focusing on retail properties. Prior to joining Colliers, he was an associate vice president with Velocity Retail Group in Phoenix, where he represented landlords and tenants in the leasing of retail properties and worked closely with development services to identify and sign tenants to new projects. Previously, JK was a senior associate with Rein & Grossoehme Commercial Real Estate, specializing in landlord and tenant representation.

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