A neighborhood shopping center in Mesa, Arizona has been acquired by a joint venture managed by Crow Holdings Capital for $8.1 million. The property, known as The Shops at Sossaman, spans 34,151 square feet and was sold by Abington Emerson Investments.
According to CommercialEdge data, Abington purchased the asset in 2017 for $3 million when it had an occupancy rate of only 37 percent. However, after completing construction in 2002 and securing a diverse tenant mix including Banner Health Physical Therapy and Crave Pizza among others,the property is now fully leased.
The buyer was represented by a team from Newmark led by Steve Julius while Renee Shprecher of Buchalter acted as legal counsel for Abington Emerson. This recent transaction highlights the continued strength of the retail market in Mesa despite challenges faced during this time period.
