Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MESA, AZ-A 9,500-sf retail complex anchored by Blockbuster Video has been sold for about $1.8 million to a Tucson investment firm.

Lorne LLC scooped up the Albertsons power plaza at 319 South Power Rd. in Mesa for about $100,000 less than its original asking price of about $1.9 just nine months after the property went on the market. The complex is located in the same plaza as an Albertsons supermarket.

“It had a strong location and the fact that Blockbuster took up 50% of the square footage made it a good investment,” Ari Spiro with Scottsdale’s Sperry Van Ness and Mullin tells GlobeSt.com. Four other tenants, Sew ‘N Vac, Mesa Hair Design, Abbot Hearing and Rush Street Pizza, occupy the fully leased plaza with Blockbuster.

Spiro said an aggressive marketing campaign by Sperry Van Ness and Mullin drew the interest of many investors at first, but an assumable mortgage with a financing requirement of more than 50% down pared that number significantly. “There was a lot of initial interest because it was a grocery anchor center, but many investors shied away because of the high loan to value,” says Spiro, who represented the seller, M. Austin LLC along with co-brokers Van Robinson and Mike Day. Seller Loren LLC was represented in the deal by Mike Sandahl and Tim Healey, both with CB Richard Ellis-Tucson.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.