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Investors Buy 21,270-SF Retail Center, Developable Acreage

MESA, AZ-A group of Tucson investors paid the asking price for Weather Vane Plaza, which comes with three acres of developable land. The plaza is currently 83% leased to several tenants.

By Bev Ford | Updated on November 24, 2002

MESA, AZ-A 21,270 sf shopping plaza with three acres of developable land went for top dollar when it sold for $1.8 million to a group of Tucson investors who had divested of their California apartment holdings.

Mike Day of Sperry Van Ness Mullin tells GlobeSt.com the buyers, operating through Weather Vane Plaza LLC, bought the property in a 1031 exchange. “The land was one of the components that attracted them to the property,” says Day, who represented both sides of the deal with fellow Sperry Van Ness broker Ari Spiro.

Located at 7221 and 7303 East Main Street between Power and Sossaman roads, the Weather Vane Plaza is situated within a few miles of the planned Loop 202, making it an ideal spot for future growth, he noted. It is currently 83% leased to Century 21, Capital Title, Superstition Mental Health, Weather Vane Restaurant and Mobil Express Lube.

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