PHOENIX—Shopoff Realty Investments has sold Augusta Ranch Marketplace, an 80,247-square-foot grocery-anchored shopping center, as well as an adjacent developable pad, in Mesa. The property was sold to an undisclosed investor for $14.05 million, with returns that exceeded projections and a holding period of 18 months.

Constructed between 2005 and 2006, Augusta Ranch Marketplace is anchored by Bashas' grocery store, an Arizona-based chain with more than 130 locations throughout Arizona. The center is leased to a mix of national and local tenants, including Great Clips, Sylvan Learning Center, Geno's Pizza, Fat Willy's Family Sports Grill and more.

David Placek, executive vice president of Shopoff Realty Investments' Commercial Properties Division, tells GlobeSt.com, “Being north of the Eastmark development was one of the things that attracted us initially. We saw new folks partaking in development of the cycle—it really spoke to the momentum of the area. We renewed 100% of the tenants and signed a new lease with Dairy Queen,” he said, referring to their value add strategy. “It's a classic example of what we like in an asset. Another way we transformed opportunity into value with this asset was working with the city of Mesa to prepare the adjacent vacant pad for development, and leasing a portion of the pad to a franchisee of Dairy Queen for 20 years, realizing additional untapped upside."