Search
 

Shopping Center Picks Up $17M From Off-Market Sale

MESA, AZ-A limited liability company with 1031 exchange funds jumps in with an offer for the 80,247-sf Augusta Ranch Marketplace. Anchored by a 54,409-sf Basha's grocery, the buyer spends $16.5 million for a 97.5%-leased, two-month-old shopping center.

By Jennifer D. Duell | Updated on April 19, 2005

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

MESA, AZ-A brand-new, grocery-anchored center has traded hands in an off-market transaction for $16.5 million. The 80,247-sf Augusta Ranch Marketplace was 97.5% leased at sale time.

A limited liability company, led by Paulsen Properties of Bellingham, WA, acquired the two-month-old shopping center from Phoenix-based developer A&C Properties Inc. Augusta Ranch Marketplace, located at the southwest corner of Baseline and Crimson roads, traded with a one-acre, fully improved out-parcel, says Alfred Hackbarth, an investment broker with Marcus & Millichap Real Estate Investment Brokerage Co.’s Phoenix office.

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.