Tri-City Trades Hands for Nearly $17M

"This was a strong buyer, and we knew he'd close at the price," comments Rick Abraham, senior associate with CB Richard Ellis Group Co.'s Phoenix office. Abraham, along with CB Richard Ellis' Glenn Smigiel, Bob Young and Steven Brabant, represented the seller, Rising Sun LLC, an affiliate of Philadelphia, PA-based Amerimar Enterprises Inc. Angelo Gordon & Co. of New York, NY.-based J.G Management was self-represented.

Located at 1982 W. Main St. and situated on 22.5 acres, Tri-City Pavilions began life in the 1960s with its claim to fame being the East Valley's first enclosed shopping center. Abraham says the seller had acquired the center several years ago after it had shut down, and committed extensive resources to its renovation. "This was a tired old center that had been around forever, and they'd bought it and redeveloped it in 2000," he tells GlobeSt.com. "He tore down a lot of the buildings and built them up again."

At this point, the 90%-occupied, Safeway-anchored retail center is considered to be in a unique location, as it's the last stop on the future light rail line in Mesa. "About 7.15 acres is on leased land. There's additional land for development on the property, and I'm guessing they bought it with that in mind," Abraham says.