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Two Retail Centers Drive $3M Sale

FOUNTAIN HILLS, AZ-Staletovic Property Holdings shells out about $3.2 million for shopping centers in Fountain Hills and Mesa to join a growing wave of property buyers dumping multifamily portfolios for solid retail products around town.

By Lee Simmons | Updated on May 06, 2004

FOUNTAIN HILLS, AZ-A Mesa, AZ-based family investment group has closed on two retail properties in Fountain Hills and Mesa for nearly $3.2 million. Formerly active in the Phoenix multifamily market, the investors more recently have preferred retail and other solid property types.

“They were really a strong buyer and had the experience owning commercial real estate,” Peter TeKampe, a senior associate with Marcus & Millichap in Phoenix, tells GlobeSt.com. Staletovic Property Holdings paid about $1.6 million apiece for Saguaro Plaza in Fountain Hills and the Brown & Mesa Center in Mesa.

The 11,142-sf Saguaro Plaza, built in the mid-1990s, sits at 13212 N. Saguaro Blvd., in the heart of Fountain Hills’ upscale commercial district and directly across the street from tourist-friendly Fountain Park, home of one of the tallest fountains in the world.

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