Shops at Glassford Hill pad sells for seven figures
Prescott Valley: It's not just for Prescott Valley anymore.
The Zynda Family Trust of California recently purchased the Shops at Glassford Hill Marketplace for $2.75 million.
Brad Fain of Prescott Valley real estate developer Fain Signature Group confirmed the sale this week.
The sale was for a "pad" of small storefronts - Pacific Dental Services, Sally Beauty Supply, Verizon Wireless, Presto Title Loans and Nationwide Vision - in front of Kohl's department store.
Kohl's and another pad under construction were not part of the transaction, Fain said.
"I think this sale speaks well of Prescott Valley and the positive things we are doing in this market," Fain said. "With both of our sales in 2014, the Goodwill building and this multi-tenant building, the buyers have come from out of the area.
"Buyers are looking to diversify their portfolios and are seeking better returns - value - for their investment than some of the highly competitive markets are producing today.
We have been very pleased with the reaction the market has offered this year. It establishes that if you can put together a good project with great tenants, investors will take notice."
The Fains are building another pad adjacent to the one that was sold. The new pad should be finished by the end of winter. Jimmy John's Sandwiches, Verizon Wireless and Digitell already have signed leases for the new site.
The construction project has also meant more jobs in Prescott Valley.
To build the new pad, Fain said, "We hired B's Contractors, a local general contractor. And they in turn have hired about 20 local (employees) to help complete the job."