Search
 

Mesa Retail Center Nets $3M in Sale

MESA, AZ-A vacant shadow anchor does not keep the 95%-leased, 39,623-sf Greenfield Plaza retail center from selling for $3.2 million to a Scottsdale retail investor. The vacant Fry's isn't part of the deal, but is held accountable for lower rents than usual.

By Lee Simmons | Updated on April 15, 2004

MESA, AZ-A Scottsdale-based retail investor has purchased the Greenfield Plaza shopping center for $3.2 million from Harrison Family Properties, also from Scottsdale.

The 39,263-sf center, shadow-anchored by a Fry’s, boasted a 95% occupancy at closing.”The only risk left in the deal is the occupancy,” Jeff Chalfin, a retail specialist with Sperry Van Ness in Phoenix, tells GlobeSt.com about the takeover by Ron Finkel of Retail Brokers Inc. “The rents are as low as they can go. It’s a good growth part of town, with a lot of new high-end residential and a lot of nice new development.”

The 1987-built Greenfield Plaza sits at 4410 East University Dr. and consists of two buildings on 3.6 acres between highways 202 and 60. Family Dollar, American Family Insurance and Edward Jones are among the 14 tenants who keep the center 95% occupied. A vacant Fry’s was not included in the transaction. The anchor relocated about five years ago, but still has about 10 years left on its lease at Greenfield Plaza, says Chalfin.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.