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PHOENIX-A Mesa real estate investment firm has added a 100,000-sf shopping plaza to its growing Valley portfolio with the $7.4-million purchase of the El Monte Shopping Center, a fully leased plaza on “a phenomenal” west Phoenix corner.

Michael A. Pollack Real Estate Investments purchased the grocery-anchored shopping center in a deal with A&C Properties of Phoenix and plans to eventually renovate the antiquated, 25-year-old plaza at the southeast corner of 19th Avenue and Dunlap Road in the city.

“We just loved the corner. We think its real special,” says Michael A. Pollack, president and founder of the buying entity. “It’s a phenomenal corner. I believe in the long run, it is only going to get better.”

Pollack, known as the “plastic surgeon of real estate,” says he plans to eventually renovate the plaza, upgrading its exteriors to give it a more modern feel. “It’s an antiquated style and needs to be upgraded,” he says of the property’s facade. “That’s our ultimate game plan.”

The plaza, anchored by a Fry’s Food & Drug store, is fully occupied by tenants that include Hancock Fabrics, Colortyme Rental Furniture, Singer Sewing Centers, Baskin Robbins, Jack-In-The-Box, Hollywood Video, Cousins Subs and Wells Fargo. Steve Cook with Escee Commercial Property of Scottsdale represented the seller in the plaza transaction. Pollack was self-represented.

Pollack has been on an aggressive buying spree recently, adding seven Valley properties totaling more than 300,000 sf to its commercial real estate portfolio in the last six months. Among his firm’s recent acquisitions has been the 179,077-sf Mervyn’s Plaza on Alma School Road in Chandler, which he took from 45% occupancy to 98% and the 39,260-sf Glendale Central Center, whose renovation won the firm recognition by the city.

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