Newmark Arranges $10.3 Million Sale of Foothill Shopping Center in Phoenix

August 18, 2025 11:00 AM

Newmark announces the Company has arranged the $10.3 million sale of Foothill Shopping Center, located at 5833 S Central Avenue in Phoenix. Newmark Senior Managing Directors Steve Julius and Jesse Goldsmith and Director Chase Dorsett represented the seller, S Clay Management, a Houston-based family office.

The property, a retail destination in the heart of Phoenix, was owned by S Clay Management for nearly 50 years. Buyer Lena Centers, a Boston-based investment firm, specializes in culturally relevant, community-based grocery-anchored shopping centers nationwide.

“This sale reflects the strong investor interest in Phoenix’s thriving retail market,” said Julius. “Foothill Shopping Center’s longstanding presence and alignment with Lena Centers’ investment focus made it an ideal match for both parties.”

Lena Centers’ acquisition aligns with its strategy to curate its retail choices through an of understanding local preferences and cultural nuances, which is particularly relevant Phoenix, as a significant percentage of shoppers identify as Latin American. The buyer’s expertise in this specialty ensures the property’s continued success as a community retail hub.

Phoenix’s robust economic fundamentals, including a 3.2% unemployment rate and top-ranking population growth, continue to drive demand for well-positioned retail assets like Foothill Shopping Center, according to Newmark Research.

About Lena Centers, A Longpoint Partners Subsidiary
Lena Centers is a subsidiary of Longpoint Partners, a real estate private equity firm that acquires and operates industrial logistics assets in high growth markets in the United States. Lena Centers is committed to transforming neighborhood shopping centers into vibrant, culturally relevant gathering places. The Lena mission is to deliver high-performing retail spaces that provide everyday value and foster a genuine sense of community.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended June 30, 2025, Newmark generated revenues of over $2.9 billion. As of June 30, 2025, Newmark and its business partners together operated from 165 offices with over 8,400 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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