NAI negotiates $4.825M sale Shops at Fry’s Marketplace in Mesa

Shops at Fry’s Marketplace, 1229 E McKellips Rd & 1863 N Stapley Dr., Mesa, AZ (source: NAI Horizon)

PHOENIX, ARIZONA – The NAI Horizon investment sales team of Senior Vice Presidents Lane Neville and Barbara Lloyd represented the buyer in the $4.825 million ($233 PSF) acquisition of the Shops at Fry’s Marketplace, 1229 E. McKellips Rd. and 1863 N. Stapley Dr., in Mesa, Arizona.

Stapley & McKellips Investors, LCC of Phoenix was the buyer. The seller was KEB Investments, LLC.

“The acquisition of this retail shop space represents a solid investment opportunity for our buyer in a strong market with a great grocery anchor,” Neville said. “It is hard to find an off-market opportunity like this asset with quality upside.”

The retail shops are located in two separate buildings totalling 20,669-square-feet. The retail center was built in 1996 and is zoned C-2 City of Mesa. The infill retail location is anchored by Fry’s Marketplace.

The property is two miles from the Loop 202 freeway, at the SEC of Stapley and McKellips. Tenants include Starbucks, Subway, H&R Block, Cricket Wireless, and Supercuts.

Cadden Community Management celebrates 30 years in business

left to right: Brett Anderson, Mike Polletta (grey shirt), Mike Cadden (blue shirt), Susan Rodriguez, Deborah Colon-Mateo, Kim Rubly, John Price, Linda Hansen

TUCSON, AZ – Cadden Community Management, a leader in homeowner association management, marks its 30th anniversary of being in business (Jan. 7 is the official 30 year anniversary).

Mike Cadden and Scott Parfrey originally formed the company in 1987 with two clients. Known at that time as Cadden Parfrey Services, Scott Parfrey provided oversight of the maintenance and custodial service divisions, while Mike Cadden concentrated his energies on the association management sector of the company. In the spring of 2000, Mike made the decision to buy out Scott’s interest in the company and subsequently re-named the company, Cadden Community Management.

Today, Cadden Community Management has offices in Tucson, Sierra Vista, Green Valley and dedicates 100% of its time and talent to the management of community and commercial associations. We are the largest locally owned association management firm in southern Arizona, with more than 220 associations under contract.

Company success has always depended upon providing service based on high industry standards, honesty and accountability. We have grown by providing quality service through our dedicated, experienced employees. Our staff of approximately 85 employees is composed of association managers, bookkeepers, administrative personnel, gate staff and maintenance personnel, all of whom provide quality customer service.

“In this era when larger national corporations are purchasing many management companies, we continue to be locally owned and to provide our clients with service at a personal level. We pride ourselves on developing professional and harmonious partnerships and relationships with our clients.”

Cashen Realty Advisors Closing Deals for New Development along 7th Street Corridor

Redevelopment site at 7th Street & Highland, Phoenix, AZ

Phoenix, Arizona — The 7^th Street Corridor continues to attract New Development to Central Phoenix.

OFMM2, LLC have assembled two properties at the NEC of Highland and 7^th Street. The first property, located at 4701 N. 7^th Street included 10,350-square-feet of land at a price of $850,000 or $82.00 per square foot and the second property, located at 4711-4717 N 7^th Street included 28,500-square-feet of land at a price of $1.4 million or $49.00 per square foot.

The buildings on the parcels will be demolished and a new retail center developed which will include shop space and a corner drive-thru national credit tenant. The new development is across the street from the Xavier/Brophy College Preparatory Schools with 2,400 students.

Additionally, Wood Partners is developing a new 230-unit Luxury Apartment Project within walking distance of the site also on 7^th Street. Ray Cashen of Cashen Realty Advisors and Josh Landers of Commercial 33 represented the parties.

Cashen and Landers recently teamed up and sold a 28,465-square-foot office building at 5060 N. 40^th Street in Phoenix for $5,050,296 ($177 PSF). An OFMM2, LLC related entity was the seller in that deal.

In an unrelated transaction, Cashen closed another deal at 7^th Street and Bethany Home Road. The 15,000-square-foot parcel sold for $490,000 or $32.66 per square foot. Howard Eigsti was the seller in that transaction and Randy Raskin and Beau Woodring were the buyers. The property will be developed as a drive-thru Salad and Go location.

Cashen has three more deals in escrow along 7^th Street which will close this year. The 7^th Street Corridor has become a major urban infill destination and Cashen predicts we will continue to see exciting new develops announced in 2017.

For additional information, contact Ray Cashen at 602-393-4440.