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MESA, AZ-A Southern California investment group, Power AZ LLC, has entered the Valley with the $4.1-million buy of Baseline Power Shops, a 12,068-sf retail center located at 6736 Baseline Rd. The center sold for more than $340 per sf.
"Buyers from Southern California come here for the slightly better cap rates of about 7% than they can get in their own backyards," says Ari Spiro, an investment adviser with Sperry Van Ness who represented the seller, Mesa, AZ-based Casa Sierra Investments LP. Jeff Chalfin and Mike Day with Sperry Van Ness assisted Spiro in the deal.
Spiro tells GlobeSt.com that the shopping center is basically a multi-tenant pad building at the hard corner of Power and Baseline roads. "It has great visibility and it's located right in the middle of a strong commercial corridor," he says.
Built in 2001, Baseline Power Shops is located on 1.3 acres. The fully center houses tenants like Rubio's Fresh Mexican Grill, Sprint Store, Acrylic Spas of Arizona and Honeybaked Ham Co.
According to Spiro, Power AZ was looking for an asset that provided ease of management and good cash flow. "They have no intention of ever selling this asset," he says.
Baseline Power Shops is situated in growing, affluent community. The average household income within a one-mile radius is $71,000. Plus, the population base within a one-mile radius has increased 22% to 11,389 in three years. Rick Cohen of BRC Inc. represented the buyer, Power AZ LLC.
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