MESA, AZ-The Plaza at Painted Mountain makes it to the closing table after a second marketing. The winner is a California investment group that antes up $2.85 million for the 17,432-sf shopping center.
"The property was on the market for four months and this buyer was our second escrow," says Steve Julius of Marcus & Millichap Real Estate Investment Brokerage Co.'s Phoenix office, who represented the seller, De Concini Family Trust of Tucson. Julius says the buyers, Ashton Maryland LLC and La Gloria Maryland LLC of Los Angeles, required a quick closing to take advantage of exchange funds obtained through a multifamily property sale.
The 1980s-constructed Plaza at Painted Mountain at 6017-25 E. McKellips Rd. is 91% occupied. The roster includes neighborhood tenants like an animal hospital, nail salon and Pizza Hut.
Julius tells GlobeSt.com that the initial marketing period attracted about 15 offers and a second run generated six more. "This buyer was the clear choice because of the quick close," Julius says. "Plus, he obtained a private note for financing."
Julius says he knew the buyer's agent, Stephen Stein of Marcus & Millichap in Los Angeles, which "gave the seller confidence to proceed." Julius teamed with Todd Trickle, also in Marcus & Millichap's Phoenix office, to negotiate the deal.
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