MESA, AZ-A Tempe-based investor, Jamal Garmo, has the keys to a 19,200-sf retail center in Mesa. He has spent about $1.5 million, or more than $75.50 per sf for the 96%-occupied property.
Investors Perry Bassett and Justin Lanne, both of Tucson, and Larry Cooper of Phoenix are the sellers. Negotiating the sale was Mark Rein of Rein & Grossoehme's Phoenix office and Jonathon Hess and Steven Davis, both of the Phoenix office of Retail Investment Group.
Garmo's new buy is located near the southeast corner of Broadway and Dobson roads. It also is a mile east of the Price Freeway section of Loop 101 and 1-1/2 miles north of Superstition Freeway. The center is an area of Mesa that has a heavy employment base, including a major Motorola facility.
The Mesa submarket is one of the healthier retail areas in the Valley. At the start of the third quarter, the vacancy rate for retail space in Mesa was 5.9% in comparison to 6.1% Valleywide.
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