Exchange Buyer Adds El Mirage Plaza To Portfolio in $3M Deal

EL MIRAGE, AZ-A 22,938-sf retail strip center that was completed less than two months ago has been sold for $3.1 million to a Phoenix-based investor who holds a portfolio of several other shopping plazas in the booming metro area.

Max Taylor and Co., LLC of Phoenix picked up 12550 West Thunderbird Rd. property from developer TDH Investments, of here, a custom homebuilder, which recently put together one of its first shopping plaza deals.

Michael Hackett with Marcus & Millichap Real Estate Investment Brokerage Company in Phoenix tells GlobeSt.com that the plaza, located near 125th Avenue and Thunderbird Road, is already about 85% leased to tenants that include Curves for Women, Dominos, a convenience store, barber shop and hair salon.

Hackett says the buyer recently sold some condos in San Diego and was looking for an exchange in Phoenix to complement some existing shopping centers he owned in the metro area. “This property fit perfectly,” says Hackett, who negotiated the transaction for both parties.