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MESA, AZ-A Safeway-anchored shopping plaza that is 90% occupied has sold after two weeks on the market in a deal for about $3.7 million, offering the buyer a stable property and giving the seller a chance to exchange into a larger property.

Jeff Chalfin with Sperry Van Ness in Phoenix tells GlobeSt.com that the 35,105-sf North Mesa Plaza attracted several interested buyers in the two weeks it was listed, but buyer RBI, of Phoenix, moved quickly with an offer to seal the deal. “We had some interest, but when this buyer came forward, it just happened,” said Chalfin, noting that seller, North Mesa Associates LLC, of Phoenix, unloaded the 2706 E. University Dr. property to move into a larger investment.

“Retail properties are a very strong investment right now and they have become a product of choice for many investors,” said Ari Spiro, with Sperry Van Ness, who partnered with Chalfin to represent the seller in the transaction. “The center is ideally located near many new developments to commensurate with the needed support for the fast-growing demographics.”

Built in 1985, the center is located near Loop 202 and Interstate 60. In addition to Safeay, the roster includes Safeway, Greenbacks, Blockbuster, Hogi Yogi and Allied Cash Advance. The buyer in the deal was self-represented by Barry Light.

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