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California-Based Swap Brings $3M Plus for Mesa Shopping Center

MESA, AZ-A Piedmont, CA investment group takes the Fry's Marketplace Shops with a $1.9-million loan assumption with another four years left on the term after a nine-month marketing by two brokerage houses.

By Lee Simmons | Updated on July 26, 2004

MESA, AZ-The Fry’s Marketplace Shops has fetched slightly more than $3.3 million from a California buyer after a nine-month marketing period by two brokerage houses.

“We were awarded the listing after another national firm was unable to fill it. We took the property on and had the buyer targeted within a few months, largely due to our policy of broker cooperation,” Mike Day, a senior investment advisor at Sperry Van Ness inPhoenix, tells GlobeSt.com about the shadow space at 1239 E. McKellips Rd. in Mesa. The buyer, McKellips-Stapley Center Inc. of Piedmont, CA, was up against eight competing offers for the 23,790-sf shopping center.

Day confides the buyer assumed a $1.9-million loan with another four years on the term at a 7.32% fixed-rate interest held by Nomura Asset Capital Corp. of New York City. The seller is Community Centers of America-Mesa LLC of Los Angeles.

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