For more retail coverage, click GlobeSt.com/RETAIL.
MESA, AZ-An investment group from Newport Beach, CA has purchased the Shops at Superstition Springs for $3.7 million or $307.92 per sf. The 12,000-sf shopping center, which 75% leased, traded at a 6.18% cap rate.
"It's a class A center although it doesn't have class A tenants," TJ Karry of Scottsdale-based Commercial Investment Advisors Inc. says about the 1.7-acre development at 6638 E. Superstition Springs Rd. He represented the seller, a family partnership managed by Eugene Komar of Brighton, CO. Buyer Roth Investments LLC's interests were negotiated by Jon Giannola of Marcus & Millichap Real Estate Investment Brokerage Co. in Newport Beach, CA.
Karry tells GlobeSt.com that the property will offer a lot of upside once it is leased up. "It's a growing area," he says.
The four-year-old center is anchored by a 6,000-sf pub, RT O'Sullivan's, and a 3,000-sf Street of New York Pizza parlor. The average rent is $22 per sf, triple net.
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