Phoenix – (August 15, 2024) – CBRE announced the $26 million sale of Mesa Ranch Plaza, a 130,000 square-foot shopping center in Mesa, AZ. A private investor, Mesa Ranch 24 LP, acquired the property from SimonCRE.
Alex Kozakov and Patrick Wade of CBRE’s South Bay Los Angeles office represented the buyer and seller in the transaction. Michael Hackett served as the local market expert on the transaction.
“With a 99% occupancy rate and strong tenant base, Mesa Ranch Plaza represents a strategic investment opportunity, in one of the most sought-after retail markets in the US,” said Mr. Kozakov. “Our client’s capital investments have transformed this property into a high performing and stabilized asset.”
Mesa Ranch Plaza is 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, with an average household income exceeding $85,500. The local population is projected to grow at an annual rate of 1.24% over the next five years.
“Our team marketed Mesa Ranch Plaza in 2021 when it was acquired by SimonCRE,” said Mr. Wade. “Following significant capital investments that secured several new, long-term leases, the firm entrusted us with the listing once again, this time to secure a qualified buyer. Prior to the selection of the ultimate buyer, the team’s marketing program resulted in over 10,000 views and 17 offers.”