ING Clarion makes surprise $75M purchase

Real Estate Weekly, July 26, 2006

ING Clarion has acquired the Surprise Towne Center and Marketplace in Surprise, Arizona, for $75.5 million.

The off-market transaction was made on behalf of a separate account client advised by ING Clarion; it is the firm's first retail investment in the Phoenix area. Alfred Hackbarth, of Marcus & Millichap, brokered the transaction.

The Surprise Town Center and Marketplace comprise two separate parcels across the street from one another on Grand Avenue and Bell Road, two major thoroughfares in the growing northwest Phoenix area. Totaling approximately 960,000 square feet, the two centers feature more than 40 nationally branded and locally known retailers. Home Depot and the state's largest Wal-Mart anchor the Surprise Towne Center, while Target and Lowe's Home Improvement Center serve as anchor tenants at Surprise Marketplace.

"These properties are conveniently located on the proverbial '50 yard line,' featuring high quality tenants that have been embraced by the Surprise community," said Stephen Latimer, managing director for ING Clarion.

"With the strong household formation occurring in the area, we anticipate that this will be a solid investment for our client for years to come. We are excited about future investment opportunities of this type in the Phoenix area."