Uncommon Side-by-Side Grocery Stores Sell Near Phoenix
A Trader Joe’s and Sprouts Farmers Market have lived in harmony in a popular retail center for over 25 years. The owner of the Mesa Shores, JLL Capital Markets, announced yesterday that it sold the popular 110,917 square foot center. Mesa Shores sits on 13.5 acres on the corner of Gilbert and Baseline, one of Maricopa County’s busiest intersections. Besides the two markets, the center is home to EOS Fitness, Peter Piper Pizza, Einstein Bagels and a handful of other tenants in the 92.9%-leased property. The site was upgraded and renovated, most recently in 2016.
JLL Capital Markets marketed the property on behalf of the seller, ACF Property Management. Epic Real Estate Partners were the buyers. JLL was represented by Patrick Dempsey and Gleb Lvovich.
According to Lvovich, “Mesa Shores is a rare asset with two grocery stores, leasing upside and strong location in a growing submarket.”