Shopoff Trades Augusta Ranch

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.