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PHOENIX-A Phoenix-based retail investor has purchased the 85,000-sf Star Shopping Center in West Phoenix for $4.3 million. The buyer intends an immediate facelift to the fully occupied, 30-year-old plaza.

Mesa and Southern Center, a limited liability company, turned around gain from a $2.5-million sale of the Food City Shopping Center at the junction of Mesa Drive and Southern Avenue in Mesa and obtained a five-year loan, with a 70% loan to value and 6% fixed-rate interest, from Imperial Capital Bank of La Jolla, CA, says Michael Hackett, an associate director for Marcus & Millichap’s Phoenix office. “They were looking for something around $50 per sf, a larger property, between 60,000 and 90,000 sf, in West Phoenix,” he tells GlobeSt.com.

Located on 7.5 acres at 6710 W. Indian School Rd., the center’s roster is mostly local-credit tenants, including Momo’s Department Store, Lam’s Supermarket and Mega 99 Cent Store. Rents range from $10 per sf to $12 per sf for the smaller inline space while larger spots run from $6 per sf to $8 per sf. Hackett represented the buyer and the Phoenix-based seller, Star Shopping Center LLC, in the off-market deal.

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