CBRE has negotiated the sale of a 4.25-acre lot at 340 W Mariposa at the Mariposa Mall Shopping Center in Nogales, AZ. The commercial retail zoned parcel commanded a sale price of $1.4 million.
Built in 1989, Mariposa Mall Shopping Center is located on Mariposa Road and is approximately three miles north of the US-Mexico border. The open-air destination retail center features a JC Penny, Boot Barn and Foot Locker, among others. There are a number of other national retailers in the area as well, including a Super Wal-Mart, Home Depot and Safeway.
The out-parcel, which totals approximately 184,684 square feet or 4.25 acres, is adjacent to major tenants, Ross Dress for Less and a Kmart Supercenter. Plans for the property include further retail development.
Peter Villaescusa and Jesse Peron with CBRE’s Tucson office represented the seller, Phoenix, Ariz.-based HGC/MW Development LTD Partnership. The buyer, SBX Holding Company of Scottsdale, Ariz. was represented by Chip Thor with Velocity Retail in Phoenix.
“This sale reaffirms Nogales' position as a strong retail market,” said CBRE’s Villaescusa. “Mexico’s economy is healthy and the border market reflects that.”
Villaescusa and Peron should be reached for more information at (520) 323-5100 in CBRE’s Tucson office. Thor can be contacted at (602) 682-8100 in Phoenix.