Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MESA, AZ-The 39,144-sf Village at Las Sendas has ended up in an exchange before it could hit the market. A Scottsdale, AZ buyer has paid $13.9 million for the 92%-leased shopping center.

“This never really hit the market. I listed it and a few days later, saw the buyer in a restaurant, we talked and made the deal,” says Ken Elmer, principal with EBS & Associates in Scottsdale. Elmer, who represented Las Sendas Villages LLC in Chandler, AZ, says the buyer, Emerging Commercial Exchange II, won’t need to make any upgrades to the asset at 2855 N. Power Rd.

“This is a high-end retail center with a pretty solid lease roll,” Elmer tells GlobeSt.com. “There isn’t a lot of turnover coming any time soon.” Tenants are mainly local and regional restaurants and retailers, including Cosmo Salon & Day Spa, Bella Blue Boutique, Coco Milano’s and Elaine Todd’s Distinctive Gifts. Restaurants include Egg and I, Indigo Joe’s Sports Pub and Restaurant and Pacific Bay Co. The quoted rent is $32 per sf, triple net.

Built in the early 2000s, the center at Power and McDowell roads was the first specialty retail center in East Mesa. The Village at Las Sendas serves the 2,400-acre, master-planned Las Sendas, consisting of single-family homes, a small retail component and office condominiums. Las Sendas is located in the city’s northeastern quadrant near Usery Mountain.

Elmer says the Village at Las Sendas serves a high-growth, upper middle-class area, with little competition in the neighborhood. “The median household income within a one-mile radius is $76,000 per year,” he adds.

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?


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

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