40% Vacant Mesa Shopping Center Sells for $2.8 Mil

MESA, AZ-A California investor has sold a 38,184-sf neighborhood center after 10 years of ownership, collecting nearly $2.8 million from a Phoenix-area businessman.

Marketplace Development LLC is the buyer of record for the Marketplace at 1440 S. Country Club Drive in Mesa. Seller Schmid-Moulton Parkway is selling off some Arizona investments and re-investing in properties closer to his home port, Shari Tucker of Sperry Van Ness Mullin tells GlobeSt.com. “We got a great price on it,” she says. “It is a nice well-run center and a great location.”

The center fetched $2.8 million even though it has a 15,000-sf vacant block. The spot had housed a Harkins Theater. “People just don’t buy shopping centers with 15,000 sf vacant. That’s a 40% vacancy at the Marketplace,” Tucker said. But, the businessman did. He thought he had a tenant lined up, but the lease fell through yet the closing proceeded as planned, according to Tucker. The new owner holds the deeds to a handful of other Valley retail sites, including several jewelry stores.

The Marketplace is located right off the Superstition Freeway and positioned near Mesa’s regional hospital. As a result, several center tenants are medical-related operations.

Tucker said the 17-year-old Marketplace went under contract within six weeks of coming to market. “It went really quick,” she says. That undoubtedly is due to its location in a high-growth area of the southeast Valley.

Tucker represented the seller in the transaction. Chuck DiRuzzo of Capital Realty in Phoenix handled negotiations for the buyer.