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130K-SF Mesa Retail Center Trades for $26M
SimonCRE has sold the Mesa Ranch Plaza, a 130,000-square-foot shopping center in Mesa, Arizona. Private investor, Mesa Ranch 24 paid $26 million for the property, which is 99% leased out. Simon paid $17.6 million for the property in 2021.
Alex Kozakov and Patrick Wade of CBRE’s South Bay Los Angeles office represented the buyer and seller in the transaction. Wade said that before selling the property, Simon upgraded the center and secured several new, long-term leases.
Mesa Ranch Plaza is located at 1008, 1036, 1060, and 1142 E. Southern Ave. It is shadow-anchored by a prominent Hispanic grocer and includes a variety of local, regional, and national tenants offering services such as grocery, fashion, financial, discount, healthcare, soft goods, restaurant, and medical.
The surrounding area features well-established apartment and single-family home communities. Within a 3-mile radius of Mesa Ranch Plaza, there are nearly 160,000 residents.
- ◦Sale/Acquisition
