Lorne LLC scooped up the Albertsons power plaza at 319 South Power Rd. in Mesa for about $100,000 less than its original asking price of about $1.9 just nine months after the property went on the market. The complex is located in the same plaza as an Albertsons supermarket.
"It had a strong location and the fact that Blockbuster took up 50% of the square footage made it a good investment," Ari Spiro with Scottsdale's Sperry Van Ness and Mullin tells GlobeSt.com. Four other tenants, Sew 'N Vac, Mesa Hair Design, Abbot Hearing and Rush Street Pizza, occupy the fully leased plaza with Blockbuster.
Spiro said an aggressive marketing campaign by Sperry Van Ness and Mullin drew the interest of many investors at first, but an assumable mortgage with a financing requirement of more than 50% down pared that number significantly. "There was a lot of initial interest because it was a grocery anchor center, but many investors shied away because of the high loan to value," says Spiro, who represented the seller, M. Austin LLC along with co-brokers Van Robinson and Mike Day. Seller Loren LLC was represented in the deal by Mike Sandahl and Tim Healey, both with CB Richard Ellis-Tucson.
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