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MESA, AZ-A local investor has outmaneuvered at least 10 other would-be buyers to claim the 27,564-sf Arden Square for $3.8 million.

William Hanrahan of Mesa acquired a fully leased center, a vacant 4,664-sf restaurant building and a pad site that can accommodate an 11,000-sf building. Situated on nearly three acres at 4830 E. Main St., the 25-year-old center is unanchored. The new owner plans to lease up the dark restaurant and develop the pad site, says Jeff Chalfin, an adviser with Sperry Van Ness' local office.

The mix of national and local tenants include Fit and Fifty, Grand Canyon Synod, Stampin with Dollana, Four Peaks Insurance, H&R Block and Departures Travel Agency. "A lot of these tenants have been in the center for more than 20 years," he tells GlobeSt.com. "It's very stable with little roll over."

The average rent is $9 per sf, but Chalfin says there is some upside with the rates. "Over time, they could be bumped $2 per sf to $3 per sf," he estimates.

Chalfin partnered with Ari Spiro and Mike Day, both with Sperry Van Ness, to broker the deal for seller, Barbara Levenson of Summerlin, CA. Kevin Rille and Bill Hahn, also of Sperry Van Ness, represented Hanrahan.

Instant Insights /

Local Buyer Picks Off Unanchored Center for $4M

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