$3M Turns 107,400-SF Retail Deed

MESA, AZ-The 25%-leased Sun Valley Plaza West is ready for its ultimate makeover. The 107,400-sf retail center has sold for $3.1 million to Michael A. Pollack Real Estate Investments, which is now revving up an extensive renovation.

“It’s the type of project that takes local ownership and management and local leasing. It’s not the kind of property that you just put in your portfolio,” Michael Pollack, president of Michael A. Pollack Real Estate Investments, tells GlobeSt.com. He bought the asset at 7246 E. Main St. from New Plan Excel Realty Trust Inc. of New York City.

The off-market transaction was sparked when Pollack approached the previous owner with an offer to purchase and turnaround the property. Interior and exterior upgrades could wrap in as soon as 90 days. “It looked tired. It looked antiquated. It needed a real commitment and a local presence,” Pollack explains.