209,000-SF Southgate Mall Sells to CCA and Kornwasser

YUMA, AZ-Southgate Mall LLC, an affiliate of CCA Acquisition Co. and Kornwasser Shopping Center Properties, acquired the 208,976-square-foot Southgate Mall from MidFirst Bank. The buyer paid $4.12 million for the REO property.

On the plus side for the buyer, the mall at 32^nd St. and Fourth Avenue offers good upside, as it’s the only enclosed mall in the area. Furthermore, occupancy is at 62%, allowing for the opportunity to attract new tenants. “Southgate Mall was a classic value-add opportunity,” comments Steve Brabant with CBRE’s Phoenix office in a prepared statement. Brabant and CBRE’s Bob Young, Glenn Smigiel, Rick Abraham and Nancy Romanovsky worked with A.T. Pancrazi Real Estate Services in Yuma to represent the seller in the transaction.