MESA, AZ-A Las Vegas company has whittled down its local assets, disposing of the 32,034-sf Hampton Plaza for $3.65 million.
The local seller, Shoshone Cattle & Land Development Co., marketed the retail center at 1559 S. Gilbert Rd. for $4 million, receiving six offers for the effort. "This was an out-of-state buyer that wanted to sell the property. We were working with a buyer on another deal. He didn't proceed with that, but found this one more to his liking so he made a move on it," says Ryan Kruse with Marcus & Millichap Real Estate Investment Brokerage Co. in Phoenix. He and Marcus & Millichap broker Michael Hackett represented seller and buyer, Triple D Realty of Mesa.
Kruse tells GlobeSt.com that the seller has sold all area assets so it can focus on developments and opportunities closer to its Las Vegas home. "This is one of the last properties the seller had," he adds.
The buyer, an East Valley investor, plans few modifications to the center, according to Kruse. Built in 1988 on 3.27 acres, Hampton Plaza is 78% occupied.
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