Plaza 32 | 3201-3335 E Bell Rd
LA Fitness Anchored Value Add Shopping Center
Marketing description
Plaza 32 is a ±173,304 square foot community shopping center prominently located at the southeast corner of 32nd Street and Bell Road in North Phoenix. The center is currently 84.0% leased, with 16.0% vacancy, and has experienced leasing momentum with 13,351 square feet of new leases signed in the past 12 months. Anchored by LA Fitness (formerly Esporta Fitness), one of the most recognized health club brands in the nation, Plaza 32 benefits from a strong internet-resistant and service-oriented tenant mix.
Ownership has recently completed significant capital improvements, including all new lighting and exterior paint upgrades, enhancing curb appeal and long-term positioning. The property offers excellent accessibility with eight curb-cut access points spanning Bell Road, 32nd Street, 34th Street, and Phelps Road. Additionally, the site has received new zoning approval for self storage on the southeast corner, creating an immediate value add development opportunity.
Future upside is further supported by below market in-place rents, a vacant second-story space ideal for salon suites or coworking, and the optionality to build and sell off the newly zoned self storage pad. Combined with its prime location in Maricopa County, the fastest growing county in the United States, Plaza 32 presents investors with a stable income stream, diverse tenancy, and multiple avenues for long term growth.
Investment highlights
- Prime Infill Location With Strong Demographics And Traffic The Property Is Surrounded By Nearly 288,000 Residents Within A Five-Mile Radius With Average Household Incomes Exceeding $102,000. Exceptional Visibility At Bell Road And 32nd Street, With More Than 73,000 Vehicles Per Day And Immediate Access To Sr-51 Carrying Nearly 118,000 Vehicles Daily, Ensures Consistent Customer Traffic And Long-Term Viability.
- Within A High-Demand, Successful La Fitness-Anchored Center Positioned At The Busy Intersection Of 32nd Street And Bell Road, The Property Is Anchored By La Fitness And Benefits From Strong Daily Traffic, A Complementary Mix Of Service-Oriented Tenants, And Excellent Visibility, Ensuring Consistent Customer Draw And Long-Term Tenant Success.
- Stronger Anchor Presence With Reversion To La Fitness The Anchor Has Transitioned From The Esporta Fitness Brand Back To La Fitness, A Nationally Recognized Name With Stronger Consumer Awareness And Broader Demographic Appeal. This Reversion Enhances Stability, Elevates The Property’s Profile, And Reinforces The Anchor’s Ability To Generate Consistent Traffic.
- Significant Recent Capital Improvements Ownership Has Completed Upgrades Including All New Exterior Lighting And Fresh Paint Throughout The Center, Improving Curb Appeal And Reducing Near-Term Capital Expenditure For A New Investor
- Upside Through Below-Market Rents And Lease-Up Income Growth Potential Through The Lease-Up Of ±929 Sf, ±1,200 Sf, ±3,000 Sf, ±13,382 Sf, And ±7,831 Sf Vacancies, Along With The Ability To Capture Additional Upside As Below-Market Tenants Roll To Market.
- Second-Story Lease-Up Opportunity Two Second-Story Vacancies Totaling More Than 21,000 Square Feet Are Ideally Suited For Salon Suites, Coworking Space, Or Other Complementary Uses, Presenting Meaningful Upside Potential.
- City-Approved Self Storage Development Newly Approved Zoning For Self Storage On The Southeast Corner Of The Property Creates A Unique Value-Add Opportunity, Giving An Investor The Option To Develop, Lease, Or Sell Off A High-Demand Use.
- Diverse Parcel Offering With Breakup Potential The Investment Includes The La Fitness Anchor, Shop Space, And All Outparcels Across Seven Separate Parcels, Providing Long-Term Flexibility And Future Liquidity Through A Breakup Strategy. Pads Could Be Parceled Out Individually, Including Denny’s, Banner Urgent Care, And A Multitenant Pad Leased To Starbucks, Jimmy John’s, And The Ups Store, Allowing Value Maximization Through Selective Dispositions
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