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Stable Tenants, Long Leases Lead to $1.7M Deal

MESA, AZ-The Phoenix buyer sells a retail center in his homeport for a 19,800-sf one in Mesa. The acquired center is fully occupied by tenants with long-term, triple net leases. The acquisition satisfies a 1031 Exchange.

By Beverly Ford | Updated on January 10, 2003

MESA, AZ-Nine stable tenants, each with long-term leases, helped seal a $1.7-million deal on the Bashas’ Food City Center, which sold two months after going on the market. Mesa and Southern LLC of Phoenix used a 1031 Exchange to close the purchase.

“It was a very stable, good investment,” Michael Hackett, with Marcus & Millichap’s Phoenix office, tells GlobeSt.com. He said the buyer found the long-term, triple net leases, the shortest of which expires in 2006, to be the prime appeal in buying the 19,800-sf retail property, which does not include the adjacent Bashas’ grocery store.

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