SimonCRE Buys Mesa Ranch Plaza for Over Asking

A 204,507-square-foot retail property in Mesa recently sold to SimonCRE, an Arizona-based real estate development and investment company, for $17.6 million in cash. The property received more than 10 offers and sold above the listing price.

Mesa Ranch Plaza, located at 1008-1142 E. Southern Ave., houses daily needs retailers such as grocer Los Altos Ranch Market, home store DD’s Discounts, shoe retailer WSS as well service-oriented tenants such as Dentistry for Children and Rapido Express Income Tax.

The site also features undeveloped land at the corner of Solomon and Southern Avenue, which is permitted for retail uses and provides an extra value-add opportunity for the buyer. The property currently has 64,547 square feet of vacant space, which represents approximately 32 percent of the overall gross leasable area.

CBRE’s Alex Kozakov, Patrick Wade, Matthew Greenberg, Andrew Fosberg and Dylan Brown represented the seller, a California-based private real estate company.

“The Phoenix metropolitan area has recently seen significant population growth and retailer demand,” said Kozakov. “While Mesa is an established submarket with significant retail shopping center competition, SimonCRE saw a unique opportunity to stabilize the shopping center through capital improvements and lease up. Their local expertise and relationships gave them confidence in increasing occupancy.”

Kozakov, Wade and Greenberg also represented SimonCRE in the transaction.

“The grocery anchor Los Altos Ranch Market provides a strong customer draw to the center,” said Wade. “Consisting of five separate parcels, the property provides the buyer with good flexibility.”