SimonCRE has recently completed the sale of Mesa Ranch Plaza, a 130,000-square-foot shopping center located in Mesa, Arizona. The property was purchased by private investor Mesa Ranch 24 for $26 million and is currently 99% leased out. Simon originally acquired the property in 2021 for $17.6 million.
The transaction was facilitated by Alex Kozakov and Patrick Wade from CBRE’s South Bay Los Angeles office, who represented both the buyer and seller. According to Wade, Simon made significant upgrades to the center before selling it and also secured multiple new long-term leases.
Mesa Ranch Plaza is situated at four different addresses:1008 E Southern Ave.,1036 E Southern Ave.,1060 E Southern Ave.,and1142 E Southern Ave.Its anchor tenant is a well-known Hispanic grocer and it features a diverse mix of local, regional,and national tenants offering various services such as grocery,fashion,banking,savings,groceries,clothing,dining,and healthcare.
The surrounding area boasts established apartment complexes as well as single-family homes communities.The population within a three-mile radius of Mesa Ranch Plaza exceeds nearly160 thousand residents,making it an attractive location for businesses looking to establish themselves in this thriving community.
In recent news from Connect CRE , we have learned that SimonCRE has successfully sold off its retail property known as “Mesa Ranch Plaza”. This shopping complex spans over an impressive area of 130K square feet located right at heart of bustling city -Mesa Arizona . The deal which went through with help from Private Investor- “Mesa ranch24” saw them paying whopping sum worth$26 Million dollars! To add more value into this already lucrative deal ,the plaza stands almost fully occupied with only one percent vacancy rate ! What makes this even more interesting is that back when they had bought same piece land during year2021 ;they had paid relatively lower amount worth $17.6 Million dollars.
The transaction was made possible by efforts put in from Alex Kozakov and Patrick Wade who both represent CBRE’s South Bay Los Angeles office . They were instrumental in helping buyer and seller come to an agreement that worked for both parties involved. According to Wade, SimonCRE had done extensive renovations on the property before putting it up for sale ,and also managed secure long term leases with multiple tenants.
Mesa Ranch Plaza is situated at four different addresses:1008 E Southern Ave.,1036 E Southern Ave.,1060 E Southern Ave.,and1142 E Southern Ave.Its anchor tenant is a well-known Hispanic grocer and it features a diverse mix of local, regional,and national tenants offering various services such as grocery,fashion,banking,savings,groceries,clothing,dining,and healthcare.
Apart from this ,the surrounding area boasts established apartment complexes as well as single-family homes communities.The population within a three-mile radius of Mesa Ranch Plaza exceeds nearly160 thousand residents,making it an attractive location for businesses looking to establish themselves in this thriving community.This deal has been seen by many industry experts as one which will be talked about years down line due its sheer size coupled with strategic location!
