Search
 

$3M Turns 107,400-SF Retail Deed

MESA, AZ-Michael A. Pollack is revving up to renovate and reposition Sun Valley Plaza, bought with a 25% occupancy in an off-market deal with New Plan Excel. The repositioning pro will spend the next three months polishing the holding.

By Lee Simmons | Updated on June 25, 2004

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.

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.