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SoCal Investor Snares Retail Center for $4M

MESA, AZ-Power AZ LLC of Laguna Niguel, CA, buys the 12,068-sf Baseline Power Shops for $4.1 million or more than $340 per sf. The 100% leased center is located at 6736 Baseline Rd. in a highly affluent area.

By Jennifer D. Duell | Updated on November 29, 2004

For more retail coverage, click GlobeSt.com/RETAIL.

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.

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