Mansoor Alyeshmerni picked up Sun Valley Plaza I and Sun Valley Plaza II from 74 Main Street LLC of Mesa in separate deals totaling about $4.4 million. The properties abut East Main Street strip malls.
Sanford Burstyn of Marcus & Millichap in Phoenix tells GlobeSt.com that the properties sold for between $62 per sf and $69 per sf, well below other similar properties currently on the market. "It's pretty hard to find something in that price range," said Burstyn, noting that currently, he has no other retail listings below the $110 per sf price range.
Burstyn said the price on the properties was low because Sun Valley I, located at Main and 74th streets, is about 94% occupied with three non-credit tenants who each have leases of three years or less. "That set the tone," Burstyn said.
Alyeshmerni purchased the 50,000-sf strip mall, occupied by a charter school, pre-school and furniture store, for $3.1 million under the entity Mansoor Alyeshmerni Revocable Trust . He bought the second property, the fully leased Sun Valley Plaza II at 7440 E. Main St., about a month later for close to $1.3 million.
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